We were planning $600/mo mortgage payment, $100/mo insurance & $100/mo taxes - balloon payment in 5 yrs.We are providing $5k to pay back taxes ($4k), back hoa ($125), pump septic & grease trap clean out ($225), survey ($600)  & our children are paying closing costs ($1500).Deal stalled as owner backed out on seller finance.Suggestions?

The fourth thing they have is engineered hardwood flooring.

Keep in mind the foundation is not the only issue, when there is foundation issues there is usually other internal issues that go along with it, (wall separation, Possible broken pipes, floors etc) so give yourself plenty of wiggle room for repairs.

If the background check and credit check come back clean, then I approve the tenant and walk them through setting up online payments.

I would be focusing on cleaning up bookkeeping, communication portal with client, vendor list management, payment processing, etc. 

The disadvantages in my opinion are the meeting and greeting and cleaning up after people. there is more management involved and what would happen to your profits if you hired the duty out? 

There is a high cost to renovating a non-restaurant space into a kitchen, especially if you need everything like grills, hood vents, walk-in coolers and grease traps in floors, not to mention the utilities to service all of the above.

However, if you are doing cosmetic renovations (paint, floors, countertops, etc) you do not need any forms...just keep track of your spend to share with your tax guy at the end of the year. 

The building has two units per floor with the top floor vacant.

We added value by re-doing the whole house, installed vinyl floorings, rebuilt 2 and a half bathrooms, re-painted the whole house, replaced all the hardware in the house, installed new lighting, ceiling fans, re-painted the kitchen, and completely remodeled the upstairs.