BP has grown leaps and bounds over the last few years.  

If they have brick chimneys that are loose and crumbly, you might have to fix those, even if you don't want to make the fireplaces work; many people object to bricks falling on their head.I hope this helps!

Based on the info you provided, you might consider doing a lease-option where the lease component is very loose, allowing you to do whatever you want with the property and in return you pay the owner the amount needed to cover mortgage/taxes and you are responsible for everything else.  

If this is the extent of the damage, and there is no underlying/ongoing problem, then cutting out the loose material and spackling should be sufficient (and painted of course).

Frankly, most hot deals from MLS I loose to competition.

slightly off topic . in Hawaii, while on vacation we heard some loud yelling and and what sounded like a lot of domestic violence happening - I went outside and was trying to determine the location of it and soon another guy joined me who had also heard it - we discovered the room it was coming from and both approached to ask if everything was ok - a big muscle bound guy answered the door sweating and breathing heavy - he said everything was ok and that him and his girl were just having a disagreement -when asked if she was OK - he said yes - then the guy that was with me asked she could please come  outside and confirm to us that she was OK - I was a little taken back by his boldness , but was glad he asked - so she came to the door and confirmed she was OK and didn't need any assistance.

Real estate is cyclical so there are bound to be downturns in the future. 

When you sell it, you will have closing costs plus likely realtor fees of 6%, so you will likely loose money.  

Not all are bad, only those who think running jobs are easy are bound to fail.

I briefly looked at this and I would have been loosing over 40% of the retirement account value.