@Steve Miller, on the surface of it, you are quite correct; no loan for you!

Or...Should I proceed anyways (which I would intend to do) and allow that information to surface at the closing table with the cash buyer ready to take ownership?

Normally you would have a short garnet back splash or tile from the counter surface up but not both.

Thank you, when I did my walk through all it needs on a surface level inspection (my experience is tearing several rooms down to stud and rebuilding, running electrical, etc and 1 year as a realtor so in other words not extensive) is to complete tearing up the old flooring and restoring the hardwood, new appliances, water heaters, possibly some updating, and maybe a furnace.

I would think you would have to get creative, meet them in person or written letter to the owner explaining why this would be a good deal for them as I don't think it would sound that good on the surface.

On the surface, they seem like a good way to create annual cash flow.For those who invest in REITs, how do you go about discerning which ones are good and which ones are not?  

We will be using our Surface to accomplish this task.  

The $13,000 includes:Replacing one entire gable, repairing another gable, tearing out all bathroom tile and old vanities, new flooring (vinyl plank), 4 new ceiling fans, 2 new toilets, 2 new bathroom vanities with new countertops, sinks and faucets, new kitchen counter with new kitchen sink and faucet, paint on all surfaces inside and out (except brick), new doors, new hinges, new cabinet hardware, new bathtub surround, minor carpentry repairs, all new light fixtures, all new switches and outlets throughout, some minor electrician work, minor plumbing work, various minor drywall repairs, gutter repairs, painted concrete porch, new pillar for front porch, doorway thresholds, all new blinds, replacement of a broken window pane, all the appliances, and all the labor.

If you do let him keep the mineral rights, make sure that you get a Surface Area Exclusion Agreement - that basically says you can have the oil, but you can't pump it on my land...otherwise you could end up with a pump jack on your land

On the surface it was a great deal based on the pics(very few), the price, and the area.