I agree that is will be a gamble as to how well it will do.Also, ask the owner if they will entertain partial owner financing to keep from dragging family and friends into this risky business venture.Maybe even rent from owner for a year with right to sublease to see how it goes before committing to a purchase.

Purchase price: $185,000 Cash invested: $35,000 Sale price: $671,000This was our 3rd home.

It’s also helpful to connect with investor-friendly agents and lenders who understand your goals.Good luck!

Purchase price: $900,000 Cash invested: $15,000 6BB/3.5Bath 4000sf on 3.4 acres near several wedding venues.

If you're looking at a debt service loan, 15% is the minimum for a purchase but it's much more common (and rates are better) at 20-25%. 

Once the 1031 is complete the LLC dissolves and again the property is distributed to the former members, including the properties just purchased in the 1031 exchange (which each member probably picked out for themselves).This method solved the feared "held for investment" issue. 

@James Boreno You’ll likely owe taxes, but don’t forget to account for your adjusted cost basis, which factors in the original purchase price, depreciation over 10 years, and any capital improvements.

ONLY purchase training if its with funds you can afford to lose because of the failure rate.making connections is important and where success can come from.

My question is do I go forward with purchasing the property and deal with the higher insurance and potential hazard or is it smarter to walk away?

Asset sold was mainly transfer of client list and contracts.Does it make sense for me to seek out a note purchaser?