For example, does the stove work well, is the plumbing fully operational, do all sinks, toilets, and laundry drain properly.

Turned out it was a broken drain handle

My daughter had made and offer and had it accepted on what will hopefully become her first home.... it is a short sale, and the offer was accepted... all good so far.This property, as many rural propitiates on the lakes in our area, has a 'holding tank only' system - meaning there is NO 'drain field' attached to it so it needs to be pumped each time it fills up... about once per month for most people.

Would I want to replace the valve on the inside with one that can drain even if the faucet I put in is frost free?

Unfortunately, there are drain lines and heating ducts under there and I've had to crawl under there on a couple of occassions.

Those items will drain your cash flow dry in a hurry.If the seller could show you a gut up reno with everything new that's different but I doubt it at the price you are buying at.

In between paying all cash and 100% financing is a happy medium where you can get good finance terms without draining all your bank accounts.

When I started the conversation I had researched the area and I had known the condition of the property from what I was told (the house need to jacked up, drain tile, and light rehab of the kitchen and other areas).

This would drain my investment account completely which I do not want.

However, If I drain it after a few days of growth, I have to start ALL over at ZERO again.