and a vital portion of my financial strategy). 

Daily habits done over extended periods of time lead to answers, results, and success.The other answer is to stick it in the stock market or come back with a better question.

both the buyer and the seller must be equally considered, and vital for me to get the repair estimate right so that I make an offer that works for the seller..gotta study up on my numbers

Anything that falls under the category of habitability is the responsibility of the landlord to provide and upkeep. 

However, I have litigated several cases in my state where the standard form lease from the association left out vital information such as cost shifting.

Being a friend, we know his investing habits and knew he would likely just put it in a CD at 1% or so.

Business Start Up Expenses are intended for things like market research, consulting with lawyers and accountants, researching business locations, etc before actually going into business.Remodeling expenses are remodeling expenses.Also, no ad in the world is going to save you from the "Asset in Service" rules if the property is not actually habitable. 

@Galvin DueslerGo to your counties vital statistics dept. and request a copy of the death certificate.

This will determine whether you'll need to find something habitable right away or if you can get something needing some work where you can start building equity right away.

I have not walked the property, only drove by the location so I can not speak to some of those vital questions that you inquired, but the location is really good, and the structure from the street seems solid, with a newer looking roof on one of the units.