It is being financed thru Freddie Mac and we have had a ton of hiccups with property condition (Including ceilings collapsing) but are now through all the hiccups.

Any time they are threatened with a lawsuit, their butt puckers and they collapse to the ground.

You have two other posts, one saying you have money and are ready to buy now (before the biggest market collapse in…um…centuries), and another saying you have no money and looking for help to buy with no money down.Ask an informed question and I’m sure you’ll get some helpful replies. 

I got a 3am call when a ceiling collapsed.

If you're worried about the safety of it, let's say it's cantilevered and you're worried it could collapse, I'd hire an engineer to look at it and determine whether it's safe or not.

I agree the bank collapse is going to help the housing market, but there is no reason to believe the market was going to collapse.

When I went to the property, I discovered that the roof had collapsed onto the third floor and rainwater was running down the fire escape.

Assuming their isn't a total collapse in the housing industry in the next two years I'm guessing if all things go according to plan, if I sell the house for close to what I paid for it, after the 3% commission the management company would get, I'm walking away with close to (give or take 5-10k or so) 100 k from the equity built up in the house.

If the deal collapses and I would lose everything, I'm out.

The housing collapse 15 years ago, the worst in history, from peak quarter to low quarter was a 19% drop.