Ironically, one man's misfortune is another man's opportunity. 

It needs new plumbing (cast iron), electrical, kitchen, BA, windows, doors, refinish floors, appliances, possible roof and remediation of a bunch of health inspector code violations.

Assuming you have an iron clad operating agreement between you both and both are on title at COE (close of escrow), I think it is an excellent idea to get into the rental market, secure a property to live in and do so with help (your friend) and vice versa.I will only reiterate that you must have a solid in writing agreement as to who gets what, who is responsible for what, etc. lastly, make sure you get a good price!!!!

Iron, this is exactly when I came across this awesome site.I'm like poe from kung fu panda.  

I own one property in Hatch and would be interested in additional properties from 1 to 50 units in Washington, Iron, Garfield and Kane counties if you find anything interesting.

Eric, glad to hear you got some irons in the fire.  

Like ground school for pilots, you don't need an advanced trainer yet since you're not flying heavy iron. 

We are still trying to iron out the details on the renovation strategy.We know we want to go up with it,  and double the square footage.  

The vacant unit was previously a BBQ shop/restaurant.

(cast Iron Pipes are in sad shape)I offer to buy the property 3 years ago but he didn't want me to have it because of the problems.