A substantially lower entry point compared to buying a property and you'll get hands on experience in evaluating properties. 

If your deal needs rehab work and the value will be increased substantially then a short term loan would be ideal. 

It is rented out year around and does great.Personally, I wouldn’t look east of the 5 for a STR unless some substantial data suggested otherwise.

It should be to pay substantially under market value.

I'm thinking about using this to substantiate for tax purposes.

You could make it a laundry area and provide coin operated machines (more income).You might check into Owner Financing depending on how motivated they are and if there is a substantial existing mortgage. 

If nothing else you would have improved your negotiation position substantially. 

I would consider offering substantially less with not having a home inspection as a contingency.

So below is the quick and dirty overview of my situation:- claim #1: submitted earlier this year for substantial water damage in LA rental property and just received payout. 

We look for properties that require substantial work vs. lipstick jobs.