I realize how exciting it is to be on the brink of your first investment, but there are plenty of other fish in the sea here and like @Patti Robertson said if you have 200k to spend there are lots of other deals that meet and exceed minimum investing standards within that dollar range.A few foods for thought:If your friend is will to sell it to you for 200k, and it's value after he finishes fixing it up is 245k, then why not sell it to an owner/occupant outright, gather your profit (potentially 25k-ish) and find another lease option deal that the numbers work better on? 

I've used a fishing metaphor with my investor partners, but I like the 'unfair advantage' phrase.

We require all pets.... mammals, rodents, birds, reptiles, fish, insects, etc... be well cared for.

My accountant says I am the tiny fish in the ocean with Merrill Edge, fees could eat me alive.Going to talk to Merrill tomorrow... 

I need some where to park my fishing boat.3.

The good news is, you fished it, you conquered it, not it conquering you!

How can a small fish like us compete with institutional investors like Redfin who are flushed with cash?

Also, unless you have a clear shot from where you want to terminate your electrical, all the way to the break box, you'll probably have to cut holes in the walls to help you fish the lines through.

If the electrician is decent and willing to spend a bit of time fishing wires, he should be able to run just about anything with just some well-placed small holes.

I'm looking to invest in Point breeze, grays ferry, fish town, northern liberties, west oak lane, and Brewerytown