But on the surface, from the cheap seats, it sounds like a great opportunity to learn and grow the business you want.

What if you have a $2K repair expense surface in the first couple months of ownership?

He could have kept things up to date in the surface but you never know if there are foundation issues or other issues that is being covered up.

But the tenant was prone to using spray chlorine & one of those green scrubbing pads to clean the counter tops & the use of a cutting board would have helped prevent compromising the surface.

Vapor drive is where water hits a surface (sprinklers are actually a huge culprit here in addition to rain) then the warm sun comes out and pushes the water vapor into and against your sheathing. 

I agree with @Ali Boone that IRR sounds great on the surface but it seems like a lot of speculating to me.

I'm probably just scratching the surface here.

It's sponsored by BiggerPockets but on the surface it seems to have decent information.

I've started debating internally the future of an auto retail in light of Amazon selling auto parts, but that is likely a problem that will surface 5-10 years from now.  

Unless you anticipate going in during or after the rehab to do it yourself, make sure you include in the bid, things like:- Trim- Painting - Light fixtures/fans- All floors and surfaces as you imagine the tenants using- Landscaping - Etc.