@Max James I actually like properties with mold issues, because they can get you a discount on the price... but I say that with the caveat that I firmly believe in proper mold remediation, and NO shortcuts (such washing things down with bleach, or painting over problems).

What makes this deal a good one for me, is that you are intending to have it for a long term buy and hold portfolio addition and not a cash flow machine month-to-month; coupled with your diversification of your asset classes and moving some of your asset base out of equities and into physical assets. 

How old are your machines?

They actually used a horizontal boring machine so the concrete didn't have to be broke up. 

I think with no prior experience No money no credit etc the amount of folks that actually make it in this business I would be surprised if its as high as 10%..Just like when I owned RE brokerages 50% washed out in 1 to 2 years.. 20% of agents brought in 80% of the revenue to the company. and you always had your one two or three that were knocking down 500k or more in commissions..

You have to become a marketing machine (online and off) to get potential deals. 

Doesn't matter how much you caulk it won't stop them, chemicals will wash away, my bug guy charges me 40 bucks for an outside spray...The problem is the food...The cat must not be eating the food right away or is leaving something in the bowl. 

I am currently a machine operator at a manufacturing plant in my area.

Students must live in campus approved housing for freshman and sophomore years, and junior and senior students with scholarships are also required to do so, however juniors and seniors without scholarships tell me they are anxious to live "off campus"Since apartment is one block from university, students can walk to campus, saving them parking permit fees.Additional income could be had by putting in coin laundry, soda/snack machines, and renting out storage units in basement as well as garage space.I have a friend that currently is the maintenance man for the entire university, and he is questioning students as to how much rent they are paying to live off campus currently.OPTIONS:  Rent furnished apartments to 4 students per two bedroom and two in basement unitRent furnished apartments to 4 students per two bedroom and create common area in basement for study/recreationRent all units unfurnishedOption to raise rents by including all furnishings, cable, wifi, cleaning service etc. with them simply paying rent and electric.FINANCINGtax value (not market value) 105,000Taxes $2,200 with no exemptionsProperty currently has a 30K mortgage left of a 55k loan previously taken out to "give first child his half"Owner, due to age is most interested in payments, and leaving remainder to 2nd child for "her half" Owner has expressed the following offer :30K to pay off current mortgage, and 250K to purchase an annuity that would pay $10K/year for his and his daughters lifetime.In its present state, I question whether the property is able to be financed FHA due to condition, though it is a solid building, the maintenance has been deferred.comps on property are practically non existent.MY SITUATION:I have perfect credit, and am about to flip a seasoned home with no mortgage and expect to clear approx. 70K.I am single, steady long term employment, and have no debt.I have a realtors license in inactive status, and have hands on experience with major property improvements.I am a "Dave Ramsey" girl, and debt makes me quiver...  :-)Note: Property is currently in a Life Estate Rev.

The story behind this guy was he had an extra property that he had to kick his son out of because of drugs and such.I asked him if he would sell it for what he owed on it and he said yes.