You might want to talk to a lawyer in the process and make sure some ancient "Homestead Law" doesn't exist on the books and make sure you can get clear title.

I bought an REO from Citibank in the mid 1990s (seems like ancient history) and they provided the financing.

He is a real estate agent, also.We are debating between Corporation, S-Corporation, and LLC...I've noticed LLC is the most popular, but I remember from some ancient business contract class that S-Corps have the most benefits and protection.

I think of these Biggerpockets forums resembling  something like the ancient "Lyceum" where types such as Aristotle and Socrates debated topics but instead of philosophy, we discuss real estate :)

He dressed like a homeless guy in an ancient truck to collect rent (ok, his normal working on rentals outfit or working in the yard duds, even now).

Strangely enough this one was not an ancient home either (built in the late 70s) and is worth pretty good money (150's now, was 200's at one time).

@Brian Nordman Banks don't like blowing the dust off ancient comps but I have seen them do it. 

@Nita Martin I agree with everything above: you definitely need to dial in your rehab estimate (and then double it for unexpected issues that are bound to crawl out from under the ancient floorboards).

thats so far over my head that it could just as well be greek LOL  were does roofstock play into this.. 

Minutes away from the famous Sponge Docks and Greek Town.