Tackle the water issue first and agree to prepay the bill since you would end up doing it anyway if the tenant doesn't pay.

Are you talking about purely cosmetic things that your daughters would tackle living there, or are you open to something more involved?

@Jason Lamb  couple ways to tackle this I have done it a few ways.One, create a political subdivision so you can float 1915 act bonds.. city sells bonds road gets built to city standard and the bond goes on your ad valorum tax's.. 

My name is Matt I'm a complete newbie, I decided to learn how to tackle property analysis first and foremost, I feel like that is something that is critical to know.

Me personally I would tackle one thing at a time.

I don't believe that they are bad people, but I believe one should always be prepared for the worst.If anyone has been in a similar situation or has guidance on how I should tackle this, I would greatly appreciate any/all opinions and comments.

(note here, as @Chris K. says, get your own lawyer) and also contacted our attorney - who has assigned a junior guy from his firm to tackle this situation (I also like dealing with the top and let them make the call when someone else should handle it).

@John Semanchuk  I'm crazy enough to want to tackle this challenge, despite it being my first time.I'll get back to you when my brother finishes the pre-qual process, I suspect that he'll be afforded a maximum of 500k. 

You better learn how to tackle the manageable problems before you move up to sinkholes. 

They will allow for you to tackle some of the basic work - like painting.