If a seller is just testing the market with no real motivation to sell (death,divorce, downsizing, moving for job relocation,illness,estate sale,short sale,etc.) then you as an agent can spend all this money marketing a listing to it then not sell.

@Rory Compton - It's a short sale, so the list price is really irrelevant, because it is subject to bank approval.  

And then I was thinking of handling it like a short sale.

But long story short, I think your cousin should absolutely consider talking to an elder law specialist on this topic.

Additionally, this property is close to the airport so there is a lot of potential to turn it into an airbnb hub, leading to more cashflow and of course, more management/cleaning time.Long story short, would you take a deal with these parameters:- Asking price $165,000 (pre-MLS price) - Duplex consists of: 1 bedroom main floor and basement unit & 1 bedroom upstairs unit- Total rent: $1600/month (tenants pay utilities)Addendum: I just bought my first property with 11% down (before I found BP), so any suggestions (or links to forum posts/blog posts/podcasts) on creative ways to finance this deal, please let me know.Thanks BP community.

The short answer is no,don't do it.You don't seem to be in the right mindset to become a member of my profession which is exactly what it is,a profession and not a hobby to pick up or put away at will.My profession requires lots of time devoted to learning both in and out of the classroom for at least 6 months to earn a license and the follow up sales training at the brokerage.It is not cheap either to get started with all the fees involved.From what you are describing about your personal life,family demands,and interests desired to pursue,I would concentrate on learning about investing in your spare time.Learn how to evaluate property for potential profits after repairs are done.Join an investment club and surround yourself with successful people who have already been through the process.Learn about hard money,gap funding,and what it takes to get the money you need when you need it.

Yeah, so as you're inheriting the tenants, it's good in the sense that you have tenants in place paying rent, but also good that it's short term in case you quickly realize they're not the type of tenants you want living there. 

It also can not be for 3 different names, why would the middle line be so short? 

After a round of counter offers, our offer was accepted Tuesday, we then had our HUD Consultant walk through the next day, and since then have been sending out a rough SOW to contractors.Our highlight was during the walk through with our HUD Consultant when we opened up the attic entrance, climbed up, and discovered an amazing attic with ample head space!  

Here's how I attained both in a relatively short time:-I worked for a Big 4 Accounting Firm auditing the financial statements of the biggest names in real estate..