Slim to negative cash flow, high likelihood that rates will increase (http://www.bloomberg.com/news/2014-06-26/bullard-sees-fed-raising-rates-in-first-quarter-of-2015.html), all while hoping and praying for appreciation?  

For the life of me I can't see what part of its needs to be demolished.So my plan is to go with a contractor tomorrow and then try to speak to the city to see what I can find out about what the code violations are and the potential of stopping the demolition.By the way, would the current owner (Fannie Mae) be billed for all demolition costs?

Because this topic comes up again and again I've examined numerous municipal codes. 

Yet sometimes I snag a deal with good profit spreads.Just know that these properties, especially if they are from a bank, have something REALLY WRONG with them, such as code violations.  

"I would suggest working with an agent to help you locate funding.Another option : look up banks via white or yellow pages online and ask away.Example : enter zip code 53205 and go out 30 to 50 miles <-( banks , community bank , trust, credit unions, and etc )Reason for my response -> I see individuals contact agents and say hey I want to invest with you.

The DDA in my city is not nearly as hostile as the one he describes.4) Are there any current code violations?

Hi Raquell,I have selected the zip codes that I'm going to mail to.

I am going to try it out for our 1 bedroom apartment and see how that goes.Here is a write up in the Huffington Post.http://www.huffingtonpost.com/2013/03/07/radpad-la-rental-app_n_2807732.html

I don't know if this would potentially violate some safety code (I can always ask my rental inspector). 

This is where a good attorney can help you out but you can learn some buy digging into your state laws and codes.