Encourage your child to apply for hundreds of scholarships and seek cheaper education, if the child needs a student loan he/she can get one but teach them a valuable lesson about money and debt and encourage them to avoid unnecessary student loan debt.  

Unnecessary repairs, cosmetic stuff, etc (take advantage of the situation) 4) if your situation is like mine, the more $ I make, the more my ex gets.

I thought about buying one and asking for seller financing on the 2nd until I could refi out in November and take it over wholly, but the answer to you other questions prevent it.The owner is a long term investor and has moved 3-4 hours away.

Unless you know what to look for and you're making it a point to checking the crawl space along with doors, windows, kitchens, bathrooms, decks and trim on a fairly regular basis, you could be exposing yourself to some big repair bills down the road that could have been easily prevented.2) Yes, it's quite possible that the termites could be treated with a spray ... just depends on the exact issue.3) My recommendation would be to consider the following ... if you haven't had the building inspected in a while (which it sounds like you haven't), I'd do everything right now ... bring the building into good standing as it relates to wood/pest issues. 

Conducting business as professionally as possible reduced the likelihood of getting sued, insurance protects you from the smaller issues you may face and LLCs should function as a stop-gap to prevent any really bad situations from wiping you out. 

I only give them a short time (about 5 days) to meet for the lease signing before they lose their exclusive rights to the unit, so this prevents someone from dragging their feet after they've signed the contract to hold.Once the lease is signed, I take down the ads and send out emails to people in mid-marketing flow letting them know that the apartment has been rented but I will reach out if something falls through.It's a marketing funnel, essentially. 

$700 / 40% = $1750 additional income per monthExpensive car...original cost plus $6000/year since it's preventing a refinance.

You are just putting unnecessary stress on yourself.

For example, the junk in the hallway if a safety concern, preventing fast fire egress, and fast safe access for firemen. 

This helps protect the buyer's interest, yet keeps things low-key to prevent an acceleration on the underlying debt against the property.