Ok Bryan Tomko,I am going to give you the best advice I can to help you win this deal without overspending for it.First things first,you need to establish the exact condition of the property,the approximate after repair value,and the true current value of the property.You do this by having professional contractors do a full inspection of the property and estimate every possible repair and upgrades you need to get the property into full ARV condition.This is a 60 year old property in what I imagine is a harsh winter environment.Snow,ice,possible rodent and insect infestations,can and will deteriorate the property over time.I am going to assume a few things now.The roof probably hasn't been replaced in a long time,if ever,it will need replacing.The wiring probably needs repairs and/or replacement.The plumbing needs a inspection with a camera through every pipe to determine damage and replacement if needed.Especially the sewer pipes and main water lines bringing water to and sewage from the home to the city pipes.They are exposed more to the elements and can break over time.I'm guessing the kitchen and bathrooms have never been upgraded and replaced,they will need that completely.New drywall and repainting inside and out.All the costs of doing that work need to be put into your offer by deducting them from the after repair value which you will establish by getting comps from recently sold properties in that area.Once you have all that,you will now be able to sit down with your family and discuss this like a business transaction.No sentimental garbage,just business.You can hug it out with them when the contract is signed.You can use the fact that they are losing 700 per month in insurance as a reason to accept this deal immediately.Now make no mistake,they are going to be upset that the house isn't worth what they hoped it was at this moment.Don't argue with them!!!!

(vapor barrier and foam insulation)* Ridge vent is totally clogged with dust, dirt or something that is preventing flow* There is a heat cord on the roof below where the furnace is located so I am sure the roof is hot in the winter and melts the snow which causes ice damn in the section.* vents and returns are in ceiling..so won't the heat come down and go right back up the return?

I can tell you that a highly leveraged portfolio runs on thin ice and that those same people with a lot of leverage usually have less money day to day than low leverage with half the portfolio.  

Self contained cubed Ice---  The Tent, Rug salesmen, luggage, Blue Blocker salesmen should love the location. 

We just won't talk college hockey.... ;) (I went to the U of M).

Well, aside from the porch that Sarah Palin can see Russia from, it's just a lot of snow and ice.

The previous owner in possession is another issue altogether, and just icing on the degree of difficulty cake.  

IMHO you are on thin ice claiming your girlfriend as a tenant.  

The snow will turn to ice and stay for weeks until the weather warms for many days to thaw that ice.

Last week Thursday I received a call from one of my tenants informing me that a chunk of ice on the roof had fallen to the ground, taking with it the soffit, facia, and electrical mast.