We have had a pipe burst during the cold winter months, the roof needed to be replaced (thankfully covered by our insurance), and some issues with electrical, which hasn't been majorly updated since it was built in 1973. 

For a long term investor:Would it make sense if you could buy the home at a steep discount and then let the owner stay rent free for a specific period of time?

Albany, Syracuse, Utica, OH, PA, etc.) for cashflow.The challenge in these markets is that demand is through the roof, and many properties either sell at the asking price or above the asking price (Suffolk's sale price average was 1.5% ABOVE the asking price).If I were in your shoes, I'd explore local and remote multi-family options before considering the mid-term rental route.All the best!

Right now the only utility at the garage is power so basically I am starting with a frame and a roof. 

There are never full photos of the mechanicals and basement and roof line so you will never have even a bare inkling of what the potential repairs will be.

The house was vacant for 5 years with a new roof (5 years ago). 

I just bought it in the fall and am trying to complete a bunch of modifications during off-season (e.g. metal roof, certain safety features, treating the deck, possibly updating the fire pit area, etc). 

It covers internet, water, trash, cable, and exterior (roof, siding, etc.).

Renovated the basement unit, new roof, new soffit/ facia, new gutters, new exterior paint that was paid for by seller.

It’s creating incredible opportunities for investors to step in, often at steep discounts.2️⃣ Off-Market Deals Are KingMost of the industrial deals I find never hit the open market.