You will likely buy a few dud properties (especially if you chase yield and compromise on quality and go a long distance away to a market where you have no knowledge or control to get it) and you will likely run through many property managers (because honestly most of them suck) before you find a good one ... each of these mistakes will cost you money, take a lot of hard work to correct, and hopefully you will learn from it so as to not repeat the same mistake again.

In practicing compromise, we came up with a plan.

 Yes Federal Pacific Electric panels have had problems, but there is nothing by law that says they have to be replaced, i would to be safe. they were put in when the building was built and had nothing to do with the current owner. the furnace is the same way and you would be adding value to the property by replacing both. however i do feel that a compromise should be figured, he wants to sell, he should meet you at least  half way on the costs. i bought a SFH that i knew going into it i was going to convert from oil to gas right away ( but it wasn't done fast enough, pipes froze in house and damaged walls and floors i just finished the week before - but that's another story) i did use that as a bargaining chip to get a lower price, but i didn't go crazy because i knew it would benefit me and didn't want to loose the deal at the time. if this is going to benefit you a lot, then just try and get what you can.

. $300 per month.Maybe the compromise is to go with a 20 year...I'm not sure.

In general, if the other party is making demands that you're not comfortable with (or you feel is putting you at risk), you should either demand changes or walk.In this specific case, there is no reason why a seller should require you to use their escrow company (at least not without more explanation of why); without additional explanation or compromise, I'd be concerned about something something going on that you're not informed about.

Based on your post, it doesn't sound like there is any room to negotiate or compromise here.

Keep looking in your area, do not compromise, and find properties that do work.

Apparently, the house was hit by a car and compromised its integrity so it was demolished.I'm looking at simply flipping the land and was wondering what I should have done before listing it.

Seller was unrealistic and unwilling to compromise on price, terms, anything so I walked and I believe it still hasn’t sold. 

I still won, though with a small bit of compromise to let her stay for another week or so.