Check on ownership status before you get into escrow.Get multiple inspections to be able to really determine the extent of repairs.Try to align yourself with the best contractors, had good referrals, but somehow nobody stood behind their warranties.Have a good lawyer and local accounting firm.Talk to locals to see how things are done and what's happening around you.Have patience!

Let's say you are a dentist or lawyer. 

I was given to understand that tenants/tenant lawyers can only sue someone they have done business with.

.: In my (non lawyer) experience John is correct here.

Im not a lawyer, Id flip that house though. maybe get the priest to come throw some holy water on it. 

Have a lawyer represent them to draft the docs.

THAT will, at some future date - about four years or so, put you in position to employ the mortgage acceleration strategy.If you have too much month left at the end of the money, well, there ARE debt reduction strategies available to help that at the expense of your credit rating - WITHOUT bankruptcy.

Or bankruptcy... 

We have some meetings coming up in a couple days with lawyers and banks so hopefully it goes well.

I’d recommend consulting with a lawyer who specializes in contract law to understand your options and how to protect yourself moving forward.