He owes about 450k on this.One 6 unit apartment building in a lower income area with higher taxes, gross rents are 4,500, taxes are 9,127 and appreciation will be very minimal if anything.

This being a 4,000 s.f. 7br/4ba1900's SFH that was being operated as a legal duplex (major fixer).Being in Vermont, with the Vermont Land Gains Tax, my Vermont investments are scheduled for exit at least 2-3 years down the road to minimize that tax.

@Mark Gallagher - If time is of the essence and you don't have time to do a full title search prior to bidding, and auction terms say a SWD will be conveyed, do you feel comfortable bidding on the property (knowing that is it is vacant and in decent condition, walk through done, minimal work needed)? 

They will help minimize major short cuts that you wouldn't catch.So, please, don't waste the money I did.  

The fact that he doesn't even want to move into a renovated unit is in your favor as it sounds as though your reno efforts may be a waste of time and money in his case.

The property obviously cash flows, so I'm torn between just ignoring it and keep collecting the rent... speaking up and giving them a pep talk (which is a waste of my time)... or putting it up on the market and letting some other heartless bastard worry about it.

We always tell the investors that you want to keep the deferred maintenance as part of the monthly costs to be used when a tenant inevitably vacates, whether 2 years or five years.If you are honest up front about the minimal repairs required, you should be fine.

But, how much is your time worth is yet another factor for a minimal return.  

he has $10k to invest. i can rehab on a dime, and bring a lot of value with minimal cost.  

I know it can happen but I have watched so many deals like this die it makes me skittish to ever try another one (so much time and resources wasted by myself and my friends in the past).