Best bet is if you can get it for the 40-50k range, with the ARV truly being 120k, then repair it up and refinance into a conventional, not FHA, loan after 6 months to pay off the private lender.

- in the corner of the ceiling tile in the dark corner of the laundry room behind a column- they required me to fix it or I won’t get the rent pmt.

Your best bet to enter this space is to JV with someone who has the experience and learn as you go. 

I'll bet that if you push the lower walls, down near the shower pan, you'll feel more than a bit of give in the whole wall.The will keep coming back.

Currently trying to shift through their old management statements.... columns blanked out and cash distributions don't match...accounting nightmare.

Shannon Young ya that's probably your best bet then.

On the stub of the bill they sent you, in the Customer Column, you would choose the tenants name. 

If you're relying too heavily on your local MLS for deals, it's going to be VERY difficult in a lot of markets to buy correctly because you will be competing with seasoned cash investors that are able to cut costs.Relying on brokers is not the best bet either, as most of them are retail-focused that don't understand the economics of the investor game. 

These are the safest bets I have made and I am an investor who had his *** completely handed to him in 2007-2009.  

I would bet they don’t choose 2, so they may vacate.