One such negative is that in Minneapolis, an owner cannot pull their own permits for repairs since only natural citizens have that right.

But we settled on an arrangement that we both were comfortable with: he bought a 2BR, 2BA condo for cash, and I paid him rent that gave him a 4% annual return over PITI—and I agreed to pay all maintenance and repair costs that came up.

The existing tenants have mentioned separately (this is an up/down duplex) of smell of mold.This is not difficult to believe if in fact there are these obvious cracks on the home exterior.There is no doubt water/moisture is getting into the home and creating a condition for mold to grow.We had a structural engineer out to do our buyer’s inspection yesterday, report is due out later this evening (11/04/17).Verbal communication while on site, indicated a mutually shared concern over these cracks.The roof appears fine.A wall in the backyard will need replacing as the soil weight has almost pushed this wall over and it is only a matter of time before this thing comes falling over.Boiler may need replaced, windows as there is some clear cold.These are just concerns at this time but inspection report will lay all this out once received later today.I should have been a little smarter in not agreeing to a change in inspection objection deadline when it was presented by seller.My buyer’s agent and I should really have talked this one over, as I realize now that, it left us with only hours after inspection to come up with our inspection objection response and to be honest I will not have time to get bids for any of the extensive repair items which I do not doubt will be confirmed in the report received later today.Seeking any advice that you can give on the following: Would you proceed with purchase of the above detailed home?

You should plan to have enough savings to cover down time in rent and repairs. 

I got a professional quote for smoke repair and it was 4 times as much as I am requesting.

I purchased the property in February and used the money as a bridge loan to purchase the property and make repairs for the non-profit tenant who was interested in a long term lease.

But then again,  a car that has been in a wreck is forever tainted,  regardless of how perfect and documented the body work was to repair it.  

@Brad Beam what’s your ARV and repair estimate 

Will the deposit cover the unpaid balances, cleaning, and repairs?

If the property needs work you can also get a 203k loan wrapped into your 3.5% loan to help you pay for repairs.