Unless you have cash to put in a deal your cash flow will usually be tight in the first few years.An air conditioner on a roof can cost you 5K if it goes out on a commercial unit, if it is not fixed, you can lose your tenant, and since they are business folks, they may even know an attorney to get you to pay their relocation espenses, loss of business and other damages.Next, if you can tell me why the property is "distressed" you might be able to cure the problems.

With enough money, I doubt there is a title issue that can't be cured.

That will give you the process and cost to cure the defect for the physical property.

I'm curing problems with a 6 zone system that sprays too much on the house and forced water into the back laundry room.

Tenants really can't do anything to it that renting a power buffer won't cure in short order.

I hope we can all have bigger pockets and bigger hearts.So, maybe one day I'll discover the cure for AIDS but today I want to start learning how to make my dream of a low income mobile home park in central Los Angeles, a reality.

The process varies by state but typically starts with posting a "cure or quit" notice that gives them a deadline for (in your case) leaving. 

I would sign the lease and then give these tenant notice to cure or pay rent.

In the event any additional administrative duty is required to correct any infraction of any rule, agreement or default the landlord shall have the right to assess an additional adminstrative fee of $25.00 for each and subsequent infraction reasonably necessary to correct or cure same.It is agreed that such assessments shall become due and payable upon performance of such duties by landlord and that if unpaid shall become a part of rents then due.

step 1. get a contract at a low price.step 2. justify it with a killer cost to cure quote.step 3 give it to your attorney to negotiatestep 4.