If it is an REO you can check with the town to see when it was installed and when the last Title V was done.You can at least make a guess at how likely it will need to be replaced if it is ancient.

Ancient plumbing that is wasting water and will need to be replaced soon?

Wealth Builders, REEAContact: Ellen PetraccoTelephone: (727) 593-3353When: 3rd Tuesday of every month, 6:15pmWhere: Egypt Shrine Temple, 4050 Dana Shores Dr., Tampa

Foreign investors have been around since ancient times like the 80's.  

You might want to talk to a lawyer in the process and make sure some ancient "Homestead Law" doesn't exist on the books and make sure you can get clear title.

I bought an REO from Citibank in the mid 1990s (seems like ancient history) and they provided the financing.

He is a real estate agent, also.We are debating between Corporation, S-Corporation, and LLC...I've noticed LLC is the most popular, but I remember from some ancient business contract class that S-Corps have the most benefits and protection.

I think of these Biggerpockets forums resembling  something like the ancient "Lyceum" where types such as Aristotle and Socrates debated topics but instead of philosophy, we discuss real estate :)

He dressed like a homeless guy in an ancient truck to collect rent (ok, his normal working on rentals outfit or working in the yard duds, even now).

Strangely enough this one was not an ancient home either (built in the late 70s) and is worth pretty good money (150's now, was 200's at one time).