When I was welding a jack up rig, on the night shift in Corpus Christi, Texas, we finished the JOB and got laid off at a time when JOB's were scarce.

It is a cookie cutter subdivision with a lot of comparables so I'm confident the house would sell in the $140k range.  

Nicholas,Before replacing a toilet, measure the rough in or make sure your plumber measures before buying.To measure accurately, measure from the wall–NOT the molding–to the bolt caps.It seems weird that you have 9 inches to the center of the flange.Why not just return the wrong toilet and buy a 10 ".I would avoid cutting into the wall, any time you jury rig something it will decrease the value of your house.

If you can get the lot on the cheap and think you can put another cookie cutter house on the lot then go for it.

And another thing, all my houses are in cookie cutter neighborhoods with all nice houses.  

This is for a house in a non cookie cutter neighborhood and I'm trying to make an offer on a distressed property.

But it comes down to whether we should install the owner's meter (and we would STILL have not a single circuit on it, since I am sure that these tenants would try to rig it so that they can steal electricity from any circuits running from it), and risk pissing off the building department, or just not appeal it and install the meter.And yes, they both posed as leaving a terrible prior LL who refused to repair anything.  

Many investors do not calculate when buying the worst case situation.You buy, the tenant then wants to move out, you lose rents plus rehabbing of the property to get rent ready again ends up being 3,000 in repair costs.How run down the place is will depend on if the past owner fixed things correctly or rigged stuff and if the tenant has been there a long time wearing the place down.

honestly these types of cookie cutter arrangements are far too broad and general to comment on.

There are ways to minimize your Self Employment Taxes, and you should speak with a competent CPA to outline the other aspects of your life so that they can make a good recommendation for you.Please note that there is no one cookie cutter approach to this.