Part of growing is recognizing our own failures, not shifting the blame to others, even when its really easy to see their faults.

If/when the IRS finds out (and they will), they can fine and penalize you as well as him for failure to report.First thing to do is to check his license status.

*Two-wire ungrounded systems with two-prong receptacle acceptable *Two-wire ungrounded system with three-prong receptacle unacceptable unless supplied through GFCIBased on that, the 3-prong outlets you put in wouldn't pass if they test them.If you're interested, here's a list of the top 10 most commonly failed inspection items (in order from highest to lowest failure rate) from one county Housing Authority:1.

Regardless of where you are at in your investing life there is more to learn.BiggerPockets has helped me see broader issues in RE across the country as well as  different investment approaches.Another thing is reading the stories of success and failure. 

Lots to think about here on the mechanics of how this all is going to work.

The caveat is that the the seller has owned since 2010 and has not replaced any of the mechanicals.

The caveat is that the the seller has owned since 2010 and has not replaced any of the mechanicals.

Failure to do so is a violation of the lease and will result in eviction.

This is why it's helpful to understand the mechanics and process of the litigation process.

The mechanism would be that you would only do a 1031 exchange on 75% of the property.