The banks are too busy charging elderly war widows and crippled orphans overdraft fees to worry about shoring up the real estate market by extending capital to investors.

Mostly quaint shops, medical and office buildings down "main street".Here's what I know now after a few days of phone calls and research....Only 8 units (the 9th one is gone -- fire, explosion, etc...)Price now $400K (better because one less unit, but still $50k per unit)Only one tenant is salvageable and I don't know the details of the rent yet (all the remaining tenants are being relocated by seller prior to possession -- this one lease is up in April)Property is owned by a non profit and is used for housing for people needing a little help (so no income to speak of)No expenses to speak of (at least for current owner because they are tax exempt and volunteers provide services for repairs when needed)Electric is not divided (don't know total yet but I would spend the money to separate and have tenants pay)Property was built in the 50's and remodeled in the 90s (I still haven't seen the inside of the units, but are housing mostly elderly couples that have been there for at least 10 years -- agent says I will be pleasantly surprised -- walking through on Tuesday with my general contractor friend)Advertised total square footage was pulled from tax records stating about 10,500 sq. ft for living space (so around 1300 per unit...

If the interest is transferred while your mil is alive the basis would be her basis when she bought the property.If you took advantage of the stepped up basis and sold the property immediately there could be the possibility of zero Federal capital gains tax.You may also want to consult an elder care attorney for advise on nursing home look backs, which I think changed from 3 years to 5 years, but I'm not sure.

There is an onsite manager but I have a person that could manage this park for $500 a month if that manager does not work out.This park is owned by an elderly widow who is smart but also very skeptical of anyone trying to buy her business on the cheap.  

I am buying a vacation cabin from an elderly family friend, no relation.

That humidity ain't no joke either....many elderly will die from it. 

Being harsh in the first instance stands to lose you good tenants, especially an elderly couple who may have been confused or distracted rather than trying to avoid payment.

I also did think of section 8 or another elderly geared facility with shops/PT&OT clinic, there is already a set up for a pharmacy, a coffee shop, & a restaurant.

Assisted living business structure: buying a property and providing living arrangements with medical staff present. helps disabled, mostly elderly individuals.

Or something comes up with their elderly parents.