That is to say, as Joe at the tire shop becomes unable to afford your place, Chip the attorney is looking for a place to save money... (9) A corollary to the above point is that, particularly for fourplexes, many times the landlord has to pay water.

A large part of the loan proceeds were almost immediately distributed to “personal accounts and payoffs†for Tim Blixseth, who founded Yellowstone and controlled it, and his former wife, Edra.“The only plausible explanation for Credit Suisse’s actions is that it was simply driven by the fees it was extracting from the loans it was selling, and letting the chips fall where they may,†the judge wrote.“Unfortunately for Credit Suisse,†he added, “those chips fell in this court.â€A Credit Suisse spokesman told Reuters that the company was disappointed with the ruling, disagreed with the court’s findings and was considering its options.

My first biggest concern is that since it is listed with a realtor that I loose the bargaining chip of being able to close with no fees.

I hope you dont mind me chipping in.

It seems the previous owners saw that there was water seeping up through the concrete, and decided to channel that water to a sump pump (which are common in the area) by chipping out the basement floor from one side to the other where the sump pump basin was. 

There is discussion about the realtors chipping in a % of their commission & Escrow as well.  

But, we all know that the more damage the better bargaining chip we have as buyers.

Older wood siding is chipped/peeling and will have to repair or replace.

@Chip Dodd - Just to let you know, I have not bought any TK properties but know the providers in Memphis.The point I was trying to make was that all the providers can send you current properties they have and their associated pro forma.  

Some older homes still have only one wall receptacle in the bedrooms and some don't have even one receptacle on kitchen countertops near the kitchen sink.I would seriously need to see the property, but if you are only getting $1200 per month for rent even if the house is in fair condition you are cutting your profits super close because the $1200 is super low even if the house is in excellent condition because when a tenant moves from a house the cost to clean the house, paint, make repairs and there is always some major costs like you need new kitchen counter tops, or you need to replace the stove, or refrigerator, or a dispose, or some sinks are cracked and chipped and you need to trim trees and shrubs and the list goes on and on.