Without a lead cert you will not rent to section 8 and eventually the city will fine you.2.I would try to redeem the ground rent at a discount.3.I have been installing roofs for over 20years in Baltimore so I am quite familiar with the city.

I have learned a tremendous amount in the last week.

I'm making around 20 cold calls a day on FSBO's offering full price on terms and discounted cash offers to those with higher equity but every seller believes they can get full price or more because they say "houses are flying off the market in my neighborhood" or "I have no doubt that it's going to sell soon".

So I'd say the seller(s) should consult with an attorney or accountant, but it's possible they may owe much less than 15% or nothing.Also as Account Closed said, seller financing is also often attractive to people who are concerned about taking a big tax hit in one year - instead it's "pay small amounts as you go, over time as you receive the money" and is great for a number of reasons (no or a favorable interest rate for you, no bank BS, build long-term relationships and credibility with future sellers, possibility to discount in future with a payoff offer, etc.).It's worth having in your mental toolbox even if you don't use it on this deal.

He is selling his condo off the market for a discounted price since it needs some work and also he wants to get rid of it.

I think the opportunities here are tremendous.

I can see getting a substantial discount there, though even that may be limited somewhat now, since rehabbing/flipping properties seems to have become rather popular since the last bubble / HGTV, so I suppose there's competition there, too.

Some deals (and maybe this one), aren't worth doing, even if you get a lower price because even if you had to resell, you'd loose any discount with the cost of transaction.

Agreed, since you inherited the tenants I assume you have no ties to them, so you don't have a reason to give such a huge discount every month.  

BiggerPockets is going to help you tremendously.