Should I walk away or since I do have a contingency and these repairs seem well over $3000. 

Ive offered every REI I've meant my services of time (driving for dollars, making calls, etc..) in exchange for hey I just wanna walk thru some deals with you from beginnning to end.

Especially uncommon since when that financial hardship would have occurred the borrower would have likely been able to simply sell off the property and walk with north of $700k.  

You can walk away anytime you want and not be legally entangled in some mess a thousand miles away. 

Students must live in campus approved housing for freshman and sophomore years, and junior and senior students with scholarships are also required to do so, however juniors and seniors without scholarships tell me they are anxious to live "off campus"Since apartment is one block from university, students can walk to campus, saving them parking permit fees.Additional income could be had by putting in coin laundry, soda/snack machines, and renting out storage units in basement as well as garage space.I have a friend that currently is the maintenance man for the entire university, and he is questioning students as to how much rent they are paying to live off campus currently.OPTIONS:  Rent furnished apartments to 4 students per two bedroom and two in basement unitRent furnished apartments to 4 students per two bedroom and create common area in basement for study/recreationRent all units unfurnishedOption to raise rents by including all furnishings, cable, wifi, cleaning service etc. with them simply paying rent and electric.FINANCINGtax value (not market value) 105,000Taxes $2,200 with no exemptionsProperty currently has a 30K mortgage left of a 55k loan previously taken out to "give first child his half"Owner, due to age is most interested in payments, and leaving remainder to 2nd child for "her half" Owner has expressed the following offer :30K to pay off current mortgage, and 250K to purchase an annuity that would pay $10K/year for his and his daughters lifetime.In its present state, I question whether the property is able to be financed FHA due to condition, though it is a solid building, the maintenance has been deferred.comps on property are practically non existent.MY SITUATION:I have perfect credit, and am about to flip a seasoned home with no mortgage and expect to clear approx. 70K.I am single, steady long term employment, and have no debt.I have a realtors license in inactive status, and have hands on experience with major property improvements.I am a "Dave Ramsey" girl, and debt makes me quiver...  :-)Note: Property is currently in a Life Estate Rev.

Definitely could have walked and gotten money back.

I would walk the property after the developer I worked for completed building them, put the ad in the paper, met with investors and sold the buildings.  

Or get a referral for a contractor and have him walk through the property and give you two estimates.

Walk.

I don't even say 'walk to' shopping, entertainment, bus line, etc.