The neighbor's bill rose at the same time. 

As a buyer/investor you can blow as hard as you want trying to educate the guilty parties, but at the end of the day... you'll just be blue in the face and their rose colored glasses will continue tinting their outlook.  

Just read in the OC register that the RE rose so fast here, and there is no sign of that slowing down for the near future.

The owner got 4 months free rent to renovate but no TIC.We are still looking into the original lease, but we definitely don't want take over the existing lease and be in the same shoe when we have to sell it the future!

Man, to be in your shoes.

If not, the brick looks good as is, just looks a little dark, but maybe some bright colored roses or other flowers could help. 

keep it comingAs Alec Baldwin's character in Glen Garry Glen Rose said, "Always Be Closing." 

Has anyone been in my shoes who could share their past experiences and how they became successful?

Ours rose considerably after Sandy (albeit we did flood significantly). 

Depending on the cash injected in the note purchase you might be in the seller's shoes entitled to the property or a lender's shoes, required to sell the collateral.