Stats on the house:Approximately 2400 square ft.1st floor -            - two full bathrooms, 1 large living room (14x16), 1 small living room (10x12), and kitchen(10x12)2nd floor            - One large bedroom (14x16)            - Two smaller bedrooms upstairs, but you have to walk through one bedroom to get to the other.Comps in the area range from 220k - 300k.Rentals Comps would be 1700 - 2200.The front of the house seems like it would be "picturesque" for small venue events. 

It could be ideal for a house hack as there are two separate entrances, each with its own kitchen and bathroom.

The apartment definitely needs work - mold/mildew smell in bathroom, old kitchen appliances, old water heater, zero closet space, minor flooding in the basement, etc.

Should take the opportunity and ask the bank to renegotiate the purchase price at a deep discount? 

The heavy discount for List Source and the skip tracing was a big draw for my interest.

I wanted to propose he sell to me at a 20% discount and I would lease it back to him for an extended period of time. 

Hello all - this is a complicated situation (at least to me) and I would like some advice for any other experienced attorney's and real estate investors.I have a 21 Unit portfolio under contract, that is in pre-foreclosure and I am buying it at a good discount.

I can tell you a bathroom let's say that is getting an overhaul: new toilet, new vanity, new tub, new tile you are looking at 8 - 10k. 

You'll have to determine how our prices compare but as one data point we do a complete gut/redo of a 7x5 bathroom for $12,500 and a complete kitchen for $24k.

Check back in 1-2 years when syndications are dumping their MF here at a discount.