Give detailers as to value, market rental rates, condo fees exc. so that we can assess the option to hold as a rental investment or not.It all really comes down to dollars and cents unless you are an appreciation speculator.Your decision to sell and purchase another fixer upper may be a easy decision if this property is a poor investment as a income property. 

However, a property located in Evansville, Indiana will not have nearly the same number of market participants, making it easy to get into the investment, but difficult to get out.5.

The rest is easy. 

Easy solution, if his line is leaking he will have to dig it up.

It is easy to get distracted by college life and kudos for you for taking charge of you financial future :)

It's not that easy to accomplish and usually involves advanced strategies such as bonus depreciation mentioned by @Logan Allec and asset segregation.The good part is that investor-friendly lenders will add back depreciation, not counting it against your income for underwriting purposes.

But without a couple folks to help evaluate a deal, it is incredibly easy to wind up with a property that doesn't break-even.We read about successes on here, but not often about the deals that DIDN'T work out. 

The real aha moment was when I looked back and realized how easy it all was.

Cash flow, easy to rent, minor rehab work is fine think: ~$20-30k (painting, trim, minor things).

It makes everything extremely easy.