The part about the "credit" check, I've always been told that it was a "soft" check and would not affect the credit reporting.

I'd spray it (no brushes) or rip it out and redo it with new MDF trim pre primed.  

Check for soft spots on the floor and walls.

Key Word.)Anyways, my first deal was through a yellow letter.An older gentleman called and wanted to sell his house for 65,000.After three weeks of negotiation I got him to sell me the property for 35,000Long story short, I sold it 3 days later for 53,000 without moving a paint brush :)

Also, if you don't know what you can and can't say and to whom PLEASE brush up on that tid bit of info.

The property market here is relatively soft at the moment, and with a lot of foreign pensioners comes a lot of distressed situations.

The floor isn't soft, there isn't an oder, but I tend to be anal about any water issues.From where I sit there are two options.  

You have bank economists, politicians, and, of course, the media, talking about "the new normal" and any correction being a gentle "soft landing".... sound familiar?

The problem I have with this deal is he's not a real motivated seller, is a soft touch running out for 50% of value, not a good businessmanWhat I would do is to sell him on an installment sale at about 50% of market rend payment, divide 750 into the sales price

Buying a property for 15%-20% below market value (I'm presuming you mean ARV) does not leave any margin for profit for you after your rehab costs plus all of the "soft" costs.