The home is one owner since 1955 with minimal renovations so will make for a drastic change. 

My reason for this would be to minimize the competition around me for my search for multifamily properties. 

You’re just wasting time if you want to wait until their contract passes their closing date. 

But I have some potential hang ups - Building is OLD, 1900s-1920s ish, agent/landlord has ownded for past 10 yrs and has done minimal upkeep.

Do not waste time they are on the path to eviction.  

I always try to get the overall general condition prior to the appointment and give them a ballpark range just so we both don't waste each other's times.

This dirt compacted very hard under minimal water sprinkling and had standing water for 5+ hours in full sun 85 degree weather (beneath the standing water, the dirt was relatively dry - so it was holding water, not draining at all).  

Many people will say my cash flow is too low but I try to keep a minimal amount of my money in a deal. 

This dirt compacted very hard under minimal water sprinkling and had standing water for 5+ hours in full sun 85 degree weather (beneath the standing water, the dirt was relatively dry - so it was holding water, not draining at all).  

Using your remaining amount will minimize the amount you have to come up with if you us an FHA on whatever remaining amount you have to spend.