I would purchase the house at a price where you factor in the cost of replacement; then take care of it immediately.

Why would you make more repairs out of pocket to someone that obviously doesn't care... plus she doesn't have the funds to move, where is she getting the funds to make repairs to the roof.She should just move, take the LL to court to recover the previous out of pocket expenses that she made if they are something the LL should of.

Keep in mind the vast majority of tenants are irresponsible.I personally would never invest in a SFH as a rental however providing you are prepared to leverage 80% and reinvest the profits this property for the time being is a worth while keeper for you.Tenants will beat the h*ll out of it so decide if it is long term and you don't care or sell in a couple of years before there is too much reno work to be completed prior to selling.

I obviously wouldn't want to refer a friend to someone who isn't going to take care of him and his family.My Best,Ryan Hilbun

Here is what I'm wondering about - what kind of an effect will Irma have on the RE market in that area, as well as Florida in general (1) in the short term, meaning today to 1-2 months out AND (2) longer term over the next 6+ months?  

In my opinion, the seller had stopped taking care of the property and let the tenants live in bad conditions.

Is there anything I should check in particular as I'm suspicious of an investor giving up something that appears to cash flow so good.  

@Kenneth C., Are you searching for your first deal in Philadelphia county or does your search also include the surrounding counties?

@Zachary Peacock If you go with a conventional loan on the cash out refinance be careful on how you take title on the front end when you purchase with hard money.

I will definitely think more carefully about what all needs to be in writing and understood ahead of time in the future.