Growing MKE just released their proposal for the new zoning ordinance, which will change the city as we know it and bring a wave of development.

Are you proposing to buy a $749k property in a neighborhood of $450K propertries?

Would Section 8 accept my proposal to have a full building renovation and force him to move?

One thing is certain as an investor you don't want you money held up in the court confirmation process for a few months.Your interest is in purchasing the probate property from the Executor/Administrator as long as they claim IAEA powers and filing Notice of Proposed Action.

What you are proposing is a very risky venture both legally and professionally speaking.

For rental properties in general maybe looking at (debt+proposed PITI)/(wages+(75%*rent-current PITI)) might be the formula that would be more accurate. 

So put it onto the tenant to propose solutions.

More standard income variations are: asset depletion (using reserve distributions as the proposed income) or average personal or business bank statement deposits over a 12-24-36 month period. 

If cabinets are in excellent shape, leave them alone.Accent wall adds no value.Would need photo and layout of existing bath and proposed bath and total rehab cost to tell you what value it adds, my guess is it adds $5000 in value or less.

While this legislation is proposed nationally, its lead sponsor is Sherrod Brown who is from Mansfield, not far from Cleveland.