There's usually more upside here is the seller is willing to acknowledge the property's disrepair. 

It's developed as it can get, and either side of the parcel are already developed.Here are the expenses:Snow removal - $20 per snow fall (seems concerningly low)Lawn care - $25 per week (seems about right considering there's very little grass)Insurance - costs her $1600 a yearTaxes - $8100 per yearWater/Sewer - $175 per monthShe acknowledges her rents are very low, but attributes her 100% occupancy rate to the low rents.

You say you're having them acknowledge various items, but so what?

I recently wrote Wells Fargo (one of the banks that require 90 days) a letter acknowledging my intent to flip within 90 days and that the property is going to be rehabbed.

Systematically, this would significantly lower mortgage payments, increasing household cash flow, thus directly stimulating the economy through more consumer buying power.Increasing real buying power as opposed to the borrowing power that some economic strategist call “tackling the credit freezeâ€, is a better long-term approach to maintaining a productive economy.After acknowledging that the major investment banks who masked these mortgage-backed securities for so many years have either failed or converted to more regulated entities, the inappropriately inflated investor confidence is the only other major intangible deficiency plaguing the current financial crisis.

I don't know anything specific about the Columbus market but I do readily acknowledge that many midwest cities have potentially excellent returns for investors.Tim

Originally posted by @Wayne Brooks:Amazing what you can learn, when you read the contract you signed  :)So true.I remember there was a time when Fannie Mae contracts went by an "Acknowledgement Date". 

@Tom SmithIf you want answers about a verbal lease or verbal commitment without writing out the specifics, I would see the landlord eviction specialist attorney and not try to get advice on some forum.Please please please don't ever lease a property without a lease that's  been looked over by the an eviction attorney to protect your rights as a landlord, it might cost you three or $400 in legal fees, well worth it.There is no default lease that is legal in the state of Massachusetts if there's no written lease.Most judges will favor the tenant without a written lease.Tom I appreciate you being honest but you need to check this experience up to not properly getting legal advice before you lease a property.Once you do get a strong lease that's been looked over by Massachusetts attorney, the next step is an acknowledgment page from the tenant knowing that they have to give you 30 days notice before vacating, and if there's any damage it will be taken out of their security deposit,  and their security deposit will be mailed to them within seven business days or so after they leave it in the same condition they found itLive and learn :)

Nothing negative to say about the King, however you must acknowledge first that he is a business man!!  

You have acknowledged your target demographic.