Toss it, ignore it, burn it, whatever.Also, 3.5 cap rate is still high in most of BK for actual trades - just saying.

The tenant supposedly threatened to kill the current owner and burn the building down.

Also if you are going to live in your fixer upper and rehab multiple houses it will be a daunting task and you could burn out quick.  

I'm kind of burned out and don't want to be on the phone making offers.

Please ensure that all your costs are taken into account because it is very easy to get burned buying essentially in the heart of downtown Chicago if you are not careful. 

Agreed and I just wanted to add, the law in CA states that if a tenant has lived in a property for more than one year, you must give 60 days' notice; look at your State law and don't get burned that way. 

If you're losing $200 per month, that burn rate would take 15+ years or so to be the same.  

I have a solid lead on a house that was burned out last year.

I'm lucky my girl has the slovak nationalitie so its a little bit easy-er for me to start, but im focussing now on how i can make a good deal there without burning my money, and most importently where i need to think about, the crucial things..My first plan was buying from a "RE- bureau" who sells properties and pay little bit more but handles all the papers for me.. but last week i found a guy (online) who is a lawyer and sworn translator there and he speaks my language (dutch). the man himself is living there for 20+ years so he should know the rules, i will try to work with him to get some deals from other landloards or 'normal' people to get cheaper deals.

Am I still responsible if the person living in the house trashes it between now and the close- breaks all windows, burns it down.