The problem is that you don't get an opportunity to do an inspection before you buy.If you buy pre-sale from the owner, you have arrears to bring current, getting the owner to move after you have solved their problem and taken the pressure off, along with the previously listed concerns.

To address this I took detailed pictures from beginning to end of my most recent flip, documenting that we did a thorough job using quality materials.   

That is my concern too.

He will be taking a leave of absence for the  year.Given the unforeseen nature of his health condition we would appreciate your assistance and consideration in addressing this situation.

If you provide specific information such as the address, property purchase price and value,  credit, property rental income, taxes, insurance, experience, and Fico you should be able to get a term sheet detailing all the closing costs. 

I am not very concerned with cash flow and am looking more towards appreciation and equity. 

I live in the city and have a freakish map of it in my head that my wife is still shocked by when she gives me an address ("2100 block of _______Ave.?"

It looks like a great idea on the surface but the numbers don't stack up from a risk/return point of view as far as I'm concerned (it could be different for you depending on your return expectations).

I just wasn't sure if it is my responsibility to do something if the electric bill is high and are not satisfied. do I have to be concerned about that?

I understand the cost concern.