Hang on to your hat.  

@Ben Leybovich It is a plastic viking hat.  

I am a person with many talents, wear many hats and continue to educate myself in order to be an entrepreneur.  

W hat is my next step?

With cowboy hats optional  if you are from Wyoming

You contract at 100K, you get authorizations for the rehab, now you're wearing the hat of an investor overseeing a rehab, you get your insurance guy to contract for the purchase at 160K, turn key, looking at plans and specs, your rehab guy finances the material and labor based on the purchase contract, 20K in rehab work.

Another good point about the possibility that the tenants that are apparently paying very low rent may be doing so since they have been there forever.Something to be said for taking on the stable long term tenant and not driving them out with huge rent increases to start.Oh BTW tip of the hat for actually looking up the public records on the place to add to the discussion.

The fail rail actually proven in REI is well over 90% within the first 2 years, as most people hang their hats and step aside.

(awesome hat btw), @Marc Yun , @Jenkins Ramon , @Mehran Kamari , and @Gerald K. !

I have a Maine coon who gets brushed weekly and leaves fur everywhere