Here is a part of the letter, I sent to the seller:The home inspection was completed on September 29th (please see attached) and the following issues were pointed out: 1.The wooden floor frame in the middle unit is deteriorating due to either prior water leak in the bathroom or due to moisture infiltration through the walls and foundation.2.There is evidence of significant settlement under the middle unit bathroom and north closet.3.The settlement of the floor and walls has also resulted in settlement of the roof frame above this area, ceiling shows cracks.4.There is an obvious depression on the roof – water is ponding on the roof above the middle unit, which adds excessive weight on the roof and potential for leaks.5.Asbestos containing material has been found.6.The current bedroom heat installations in the north and south units pose a safety hazard from carbon monoxide, fire and oxygen depletion.7.An electrician performing upgrades did not use ‘arc fault breakers’ in the north and south unit breaker panels, which is required by the national electrical code.8.Upgrades to the electrical system, promised by a real estate agent, have not been completed yet.

Home is located in Frederick County VA and having a hell of a time finding any regulations on rentals in this county and wanted to see if anyone here knows if there will be a problem renting home based on low ceiling height. 

The dumps in those neighborhoods can be bought in the low 5's. ie.

I've heard Memphis has good rental deals at low prices. 

I'm considering pursuing flipping. I have about $50-75k in cash I can dedicate to this, and I'd like to fund the entire operation in cash (purchase and rehab). This is impossible where I live in nyc, so I'm wondering ...

Ideally my first deal would be a flip in the low 100k range.

The Lowes or Home Depot cabinets that come pre-built are better quality and don't cost that much more. 

HVAC service call for no heat/air or plumber to fix leak or regular grass cutting) and it also assumes there are no capital expenses ever (ex. need to replace water heater or furnace).Looks like there's plenty of a cushion to account for those things, but 35% is if everything runs perfectly forever which isn't going to happen!

Commercial loans are generally 20 or 25 years amortization so the minimum payment may be almost as low as a 30 yr conventional mortgage if you factor in mortgage insurance (at least for the first 5 years).

I have my wife who works for the Department of Justice of the United States to call about this matter, maybe that would put some heat up under them.