You should not be receiving anything directly from the previous owner after the closing.It's critical that you review the HUD-1 for accuracy.

Buy and hold Is the direction I would like to head in the future.

Also, if you want to direct message me the address I can give you an opinion on the purchase price and ARV, might be helpful.Btw, you're never going to lose any reputation points from asking questions and wanting information.

The 401k may not transact in any way that provides a direct or indirect benefit to you.Simply "protecting" your property from development as you state could be viewed as a benefit to you.  

I am a wholesale investor in the Houston market, I have been doing direct mail to get motivated seller leads, but I am not having a lot of response.

I posted notices to go and do repairs and maintenance of of AC everything is gone all that is left is an old tv some shoes boxes with trash, light was cut. 

Her brother (my uncle) has been getting solicitations by developers to sell his house- which is in a really nice, upscale NJ suburb on a direct train line to NYC.

Your vacancy costs are directly tied to the price of rent.  

I was considering offering 20K, doing some light repairs, and renting it out for about $575-$600.

Would you happen to have a contact with whom I could speak to directly at Dominion?