It is listed as a lakefront property, but the lake it is on is only 4 feet deep, and doesn't hold any fish, nor could you really boat on it (that doesn't really count as a lake in MN if you ask me).My feeling is that this place is really worth about $325K (tax assessed value for this year is $304K).Am I a jerk for wanting to offer $270K less than their asking price (pending our walkthrough tonight goes well and we like the property)? 

She was a piece of work, nut case from start to finish.

If competency is an issue, you may have bigger fish to fry.In re: probate, you can use sub-2 language to make closing conditional on probate outcome and ability to convey fee simple title to 100% of the house. 

Take a bigger step.Go bigger and target 5+ units, commercial side.Consider not buying turnkey properties, find some properties that need some value add or have been neglected.Cast a wider fishing net and search for properties in the county and surrounding counties where you may move too.Understand the local tenant and state lawsConnect with brokers, mtg brokers, property mgmt companies, other investors or potential partners. 

I'm not sure what market you are in, but assuming it is a smaller one (i.e. not Des Moines) you have an opportunity to be a big fish in a small pond.My grandmother did that in a smaller Midwest town (began 70 years ago) and it worked out very well for her financially and in terms of lifestyle.  

You’ve got much bigger fish to fry and costs to watch with a flip.

Looking forward to being part of this community while carving out some time for my hobbies; fishing and Jiu Jitsu.I give all my thanks to God and cannot wait to get going in real estate with the family he blessed me with.God Bless!

It's the silly little questions like this that drive me nuts!

Its educated gambling..... and you may hit a grand slam...or you may get punched in the nuts...... its personal decision on your risk tolerance.Sometimes that huge leap of faith and "screw it, I'm going for it" can reap huge rewards....and sometimes it doesn't.For every "I bought it sight unseen and its doing great", I would easily bet there are dozens that have been totally screwed...some of them don't even know it yet.

in our market here we build 3 to 4 thousand new apartment doors yearly. that's one city metro.. so this in itself keeps rents from going to nuts.. but the new construction depending on where it is is 100 to 400 a foot to build.. its a 100k to build one on the low end up to 400k for one 2 bd apartment in an elevator building on the higher end..when you can go to rural US and buy existing homes in some of these small bergs for 50 to 70k and in some small towns in PA for instance I have seen many for 10 to 20k.. does not take much there to be successful renting those out.. cost of acquiring them is more akin to being in the used car business.