If you actaully put the property under contract, the cost associated with that porpety can be taken as captial loss.Replacing countertop could also be repair.

.- Getting under contract and then reducing the price because of findings is common, but major reductions are likely to tick off the seller unless you have strong justification.

I planned to recommend getting the deal under an assignable contract and if you can't make the financing work try to find an investor to transfer it to for a one-time profit. 

Maybe you could get your City Council members to contract with lead pipe replacement specialist contractors and just add it to your city taxes or something???

Is the mentor going to actually walk the deal with you, negotiate contracts with contractors, etc with you?

I am working on my RE license for VA and see some gov contracts where JLL "is the Commonwealth’s contracted real estate broker for current real estate services, including with respect to the acquisition or lease of real property and the disposition of surplus real property." 

You can (delicately) begin talking to these tenants now that you're in contract.

No idea because I don't know how much you're under contract for and what the market is in that area.

Knowing this information will help you identify the right professionals to bring on board.At minimum, your team team should include:Financial Advisor: to help with investment strategies - portfolio diversification and risk management.Real Estate Agent/Broker: to help with property acquisition and market analysis.Accountant or Tax Advisor: to help manage financial records, tax planning, and optimization.Attorney: to provide legal counsel for contracts, agreements, and investment structures.Mentor or Coach: to offer guidance, insights, and industry knowledge.Networking and Relationship Builder (for everything else you will need): to connect you with potential partners and collaborators.

How would some of you guys go about drawing up a contract between us and the family member.