What I observed was 11 water heaters from '83, at least 3 furnaces need replaced and likely all need maintained, as the central AC units went out he replaced them with window units, active plumbing drain leaks and many locations that leaks are imminent, no less that half the units still have fuse boxes, there are a few broken window, never trimmed trees and more. 

We maintained a calm demeanor and eventually his late night emails ceased; he must have moved on to another property and another landlord.But the point remains, and it is an observation made over an extended period: most of the queries that come from very late night tenant sessions on the internet lead nowhere and are often strange.

Numerous initial and ongoing requirements must be observed, and the burden is on the seller to meet these.

As other members have commented, appraisals are extremely subjective, but if you get three quality appraisers producing an opinion on the same property, they should all be within 5-10% of each other.In response to Marc, the appraiser asking to see the purchase agreement is likely doing so to determine the conditions surrounding the sale so he or she can make observations and adjustments as prescribed by USPAP (Uniform Standards of Professional Appraisal Practice).

I wanted to get the property running as I wished, and wanted to observe the tenants' behavior before I committed to them.

Truly self-directed IRAs and 401ks can be a great solution to that.That is an excellent observation on the interest rate of your first home purchase.

Tony... interesting observation.

As a casual observer of this saga, I am happy that you declined.

If plans change, I run it by the CPA quickly to make sure it still fits with my expectations for the year.This is not at you, just an observation of mine recently.

My observation is that bad properties can sell quickly at inflated prices in a hot real estate market.