No active leaks noted yet but they may be a concern. there is an old inground pool that is a liablity but I would plan to rent a jackhammer, push the smashed concrete in, and fill the rest with dirt and throw some seed over the top.Broker did not have access to environmentals or appraisals because the bank bought the property back before foreclosure. broker seems to imply that the concerns are deffered maintenance and estimating capital requirements for roof and windows. broker also implies that seller will not accept less than $800k.cash flow is currently negative due to being poorly managed IMO. the budget includes items like $1,800 for telephone when a phone cost 25-30 per month. the bigger kicker is there is an option to either rent with no utilities included (at rental rates quoted above) or to pay an extra $100 for water and electric included (units have central HVAC included in electric).about 40 units have opted into this program giving a budgeted utility rebill income of around $4,000, the problem is that budgeted electric is over $4,000 and water is just over $4,000, and not only that but in September the electric bill was more than $8,000.

Seller is not aware of any structural defect or adverse geological or environmental conditions affecting the property and its value.7.

But, there is a question about whether "environmental contaminants" have ever been used in the house.

Various ways to hold title, the escrow process (all states are different) financing, appraisal, ethics, environmental laws, discrimination, etc.The point is, there are MANY ways to get your education, a degree isn't necessary, knowledge is.

Like a number of other businesses there is a real estate element.

You would also be looking at about $50k in other costs like an environmental report, appraisal, property condition report, survey, title, your legal costs, etc.

If there are board up's in the neighborhood, significant crime and other environmental factors, it may be a property that lenders will shy away from. 

That's pretty crappy business on your part.IANAL, but if you did accept the offer and EMD changed hands, the three basic elements of the contract have been satisfied. 

Things like taking out walls and changing floor plan are the kind of projects that will get you in over your head as a beginner and/or someone with a hesitant partner.all that aside, there's another important element to what you said that I want to call out...

While the Insurance companies are reviewing this, I would give a careful read to the Bylaws and Declarations of the Condo Association to see who owns what in the building (decription of the unit for the boundries, definition of common elements/limited common elements, etc.) and if there are any clauses preventing one owner from going after another owner.