The owner ended up stabilizing the foundation with steel I beams and installing drain tile to keep the basement dry.

I drained my seed capital and found myself draining my 401K to finish out my last unit.

A landlord cares about his property, the tenants, behaviors, evictions, clean lawns, drains, leaks, etc.

Granted, those who live off of 12% HM are probably going down the drain but really, who cares?

EXAMPLE: A simple plumber clearing a clogged drain is going to cost the same for $600, $1500 and even $5000 per month probably.

7) Foundation shifted, major cracking8) Wood destroying insects9) Drain line main collapse10) Central HVAC on last leg11) Galvanized plumbing shot12) Under-powered electric system (60 amp fuses)13)  Septic tanks14)  Poor water quality (think Flint, MI); "stinky" water sometimes caused by sulphur* these should all be caught by a professional title searchIf you're new to buying real estate, I recommend hiring a competent professional inspector. 

Below is a detailed list of repairs and costs.Repairs and Costs$120,600 Purchase price$3,000 closing costs$950 survey to split lots$800 drywall patching and repair$5,500 for new water meter and installation$500 wire fence$1,600 new paint$300 plumbing repair$250 new carpet$600 new laminate$100 gutters, drainage, french drains$500 front porch$600 new kitchen sink and countertops$2,000 other misc costs, like new blinds, touch-up paint, gravel, necessary tools.Total Costs$137,300The SaleIn May, our tenants moved out and we sold the rental home for $145,000 after finding structural issues.

Basically, try to state that your offer to buy is the 'solution' to the owner's problem property which is draining him/her of money as time drags on.

It involves new 3 ton 14 SEER condenser unit, 3 ton coil, outdoor pad and drain pan.

If the home is on septic that's a whole other ball of wax to deal with: stuff being put down the drain that shouldn't, septic blockages and repairs, etc.Stay away from mobile homes, stick to sticks and bricks investing.