Lawrence ironically has the best geographic location, but the worst element with potential for a huge upside in 10 or so years if they can drive out the gang element.

The backed up and broke another wall with a cast iron gate.

Bob, I do hope you don't get stuck with it, it might be better just to keep it and let your attorney iron out the wrinkles when it's paid off. :)  

Through the warranties we have had the heater repaired (day after Christmas), cast iron drain pipes replaced, main sewer line cleared, and an electrical issue.  

I find it rather ironic that landlords are so concerned with approving tenants with a criminal record when they may be going to investor meetings and dealing with other landlords with a prison record!

We've discussed how to structure our partnership conceptually, but now that we've got a deal it's time to iron out all the details and write a formal Operating Agreement with an attorney. 

Old houses have cast iron pipers that will disintegrate (because of age and/or foundation shift).

If I come in low like that, my appraisal is iron clad, extra comps and explanation.

The tenant is likely lying, they aways do, to get out of the lease for some other reason but knows legally the excuse is iron clad forcing you to let them out.

.* Instead of fixing the front unit's roof, replacing the leaky bits of cast iron plumbing and taking care of a handful of other requests we made, he offered to take $20,000 off the asking price.Since we had lined up a low down FHA 203b loan, we knew the house would not pass appraisal unless the major plumbing and roof issues were taken care of before closing.