Mainly what the primary functions of the administration side that should be mastered for success. 

@Ted HendryWe have this great thing called a functioning legal system in the USA.

They also have several 3rd party vendor parts to add in various functionalities a la carte.  

However it could be worth 170k-180 if everything was fixed and I think I could get it going as a functional rental property for the purchase price plus another 20k and some blood sweat and tears and maybe could get it reappraised in a year and do a heloc, but I could end up being 160k in when you factor in lost rent and is 10-20k inequity worth the gamble? 

Same website functions.  

This can function as your own ‘hard money loan’ that you have at your disposal at any time and you don’t need to reapply for, at significantly lower interest costs.

I have posted a significant list of lenders that will do them…use the search function.

I wish people would use the search function because this exact question is asked several times a day.The existing contract transfers with the sale and you cannot change the terms of that contract.

Is the HVAC and water heater broken and functioning properly or is this just due to age?

You would need to talk to a CPA. 3) Yes, states have taxes as well and mostly function the same as federal.