If you do decide to buy I would push back hard on the seller to reduce his price by some or all of the taxes owed.

Presumably you'll have something in writing between your partner and yourself beyond an oral agreement right?

I cut out a small section in different areas and, sure enough, the wall cavities were filled.

Owner financing is fine if the seller wants to do that for you as long as they understand that some or all of their note will be paid off very shortly when you sell the old property and use those proceeds to purchase the property the eat is holding for you.

Depending on the age of the house, if it has been open for that long, anything copper is probably long gone.Depending on the size (temp) and location of the fire, it is possible that some or all of the brick is compromised. 

Worst case scenario: Seller decides to accept and signs, despite your oral reservations about the contract you had signed.

I would have $2-3k in reserve for these...Realize you may lose some or all of the existing tenants when he sells..

In either case the objective would be to recover some or all of the original investment capital and bump the ROI up through the roof.It should be safe assume that this is a cash flow deal you're talking about.

I have a few questions just feel free to answer the ones applicable to you or all of them :)My question for all of you seasoned or not investors...Since the existence of BP do you believe you will not need to be trained by a "guru"?

Do you pay it back monthly or all at the end of a predetermined term?