These owners have owned the land since records began with the county, in the 80's, showing unknown dates prior.

The credentials of the POF letter will be examined, or at lease I sure would.A POF from Fidelity or some Credit Union would be accepted at face value, while some HML unknown to me would be vetted as much as I would for a tenant rental application, ie: what we see may not be what we get.

As I am new to the commercial market I understand there are certainly known unknowns for me in this new market.

Yes in this case being a smallish 2BR with an unknown septic might just cause a lot of people to pass, but not everyone.Once you know what it is really worth I agree with the general approach of assuming you need to pay for a new system and offer with that off the top.  

As in a typical house flip (one where your buyer is still unknown mind you) the investor would be the one putting up all the money to acquire and renovate the house.

Commission, transfer cost, title, interest on the unpaid balance.Too many unknown factors not in your favorCharles......auctioneer

Monday and Tuesday, he moved on to trying to memorize more and more of the algorithms.He is.He has not memorized them yet completely.He still has to use a written guide.However, he is solving the puzzle 100% of the time.This game of real estate is very similar to the Rubik’s Cube situation.Real estate is a complete puzzle and mystery when you are starting out.It’s difficult.You might as well be learning a language of a tribe hidden from human view for thousands of years.There’s no context.Yet, SOME OF YOU persist (a very small minority).If you persist, you start to figure some things out on your own.Then, you start to do more and more research, which leads to learning.It leads you to sites like BiggerPockets.It leads you to books, some of which provide step-by-step action plans.The point is, nothing in real estate is an unknown (from a learning standpoint).We’re not reinventing the wheel through all of this.100% of every process that we go through and have to learn, we can commit to a process in writing.As an example of this, if you choose to be a buy-and-hold investor, one of your algorithms will be to locate a house suitable for purchase.Then, once you have the algorithm, you can start to fill in the steps.It’s not rocket science.Your steps may include describing exactly what you’re looking for first.“3 BR/1 BA (at least) in Pulliam County that will cash flow at least $200 / month.”Awesome.Now you can exclude EVERYTHING ELSE.Then, you can outline a process for yourself.

GC had an awesome find, a kid who'd worked as tile pro's helper for years and was meticulous, but too slow and paid by the hour, so unknown to me, he fired him and hired the all time hack crew in history!

Instead, take that money you would have spent , or actually a small portion of the saved money, and if your worried about liability get another insurance policy to cover the unknown "an umbrella policy" in addition to you property policy.

There are 4 inside concrete piers and unknown number of exterior piers installed around 2 and half sides of house.