(I knew from going and watching the previous tax auction that any property not bid on would be re--auctioned at 2pm the same afternoon with minimum starting bids of $300)  I went out during the break and checked the properties that were remaining. 

Make sure he knows that you are already giving him a break on the reduction only asking for 4k instead of 6k and that they are code and safety issues you're talking about which will be faced by every buyer and may prevent banks lending on the property due to current code/safety issues.There is always another deal, don't give away money on valid issues just to get the deal.

A couple days ago I took a break from reading to put some quality time into writing (at least the first draft) my business plan (basically where I intentionally stopped, a couple days ago). 

But ultimately got cold feet seeing how things were going and took an extended break to pursue other interests.

I wouldn't even consider 10k less or even break even especially after you put money in and closing costs etc..

It turned out to be arson - revenge on a tenant (go figure) - but when the fire department was examining the integrity of building once the fire was extinguished, they found a body in the attic.  

Age, pumping schedule and possible break down and replacement are all issues. 

It seems like a great way to break into investing if you can do it right.As far as purchasing a single family house or condo, I guess a lot of it comes down to the rent to value ratio in the area you're looking.

Selling  closing costs.I use as rule of thumb  10% of gross when I do a quick look at properties but to break it down6900    6% commish1000    tax s for 6 months property taxs as we know in texas are sky high.750      builders risk policy500     utilities  got to have those to work on the house1200    sellers closing costs  ( not sure if you included buyers closing cost in your pp)500      misc10,800     10% of gross would be 11,500 so pretty close there.89,270      PP100,120   Sale price of 115,000   equals   profit of  14,800.00  which equals a 40% APR for time held...

one last try...Can anyone help me break these numbers down?