Daniel Odess good points, if they knock the price down enough, it could still be worth my time...the location is perfect.

At which point we would want to buy it, rehab it and rent it.. but here is my question.. he is perfectly fine with the outdated kitchen.. and outdated bathroom.. would it be totally CRAZY to buy it for say $110,000 and turn around and rent it to him??

I checked for other faucets and valves, all seems perfect.

@Cassandra Sifford If you do not  intend to have the HELOC very long then perfect.

Sold to current owner in April, 2016 and they have  a perfect payment history to date.Does anyone know of any banks that are open to lending on a wrap like this?

This post...your words are perfection for me tonight!

I've been told that owning a property in another LLC doesn't perfectly protect it from being attacked in a suit or something to that fact.I would love anyone input!

You can recreate them that is perfectly allowable under the Cohan Rule.

If you visit and don't have the desire to interact, then I say tell him to sell it / 1031.NOTE: Multifamily in many markets is being purchased by new buyers at historically low cap rates (5-7% = net income / price) so it may be a perfect time to sell if you can't imagine owning it for 10 more years.

In your situation I don't think I would sell anything off... unless you have a problem child in your portfolio then now may be a perfect time to sell since the market is so hot.