Marc M.Tax title services will pull the notices too, u would be required to tell them about the known flaw and they wont be insuring over that.

There was some sort of foreclosure on the lot or property that was on the lot prior to his buying (quit claim deed from that owner) and now it seems that the title company wont insure until the foreclosure issue is resolved, which means additional title services are need in the amoubnt of $750 and up.

The issue is this, the house has 18k in taxes due and they don't wont the hassle of paying the taxes, they don't want to be a landlord because of their ages and they do not want to lose the house.

2 beds wont rent well either. 

The last Section 8 tenants I had destroyed the property.

dose this building fall under historical rehab tax credit or can you put in place cheaper material and do capital impovements along the way thier many ways to save money on rehabs just depends on how much labor you want to add thier are many second hand supply warehouse in STL and surrounding area I understand the money hardship and bankruptcy will destroy you ( been thier done that, not cool) you can look at hard money or saving money on labor and material by doing it yourself just some ideas. .... good luck steven

Do you do more walk-throughs on your tenants (vs a rental not near a college) to make sure they don't destroy the place?

Well I have 5 mortgages and every one was a pain in the butt to get through because of my income. My tax return only shows I make 15,000 a year after all my deductions, around 25k if you add back in depreciation and ...

This is very difficult in these areas simply because people wont pay a decent price for a nicer home in an undesirable area.

We wont be moving down for around 5 years.Thanks, Roxanna