Separately, I appreciate everyone's input on some of the other Smokies-related threads as it's good to receive other insights along with doing my own due diligence.

The house has major issues and they just want to get rid of it2.

There are pros and cons to areas in any geography: schools, access to transportation / highways / freeways, location of the home in relation to work and a whole lot more. 

Foundation issues can cause all kinds of problems

So you can DIY and realistically chances are quite low that you'd have any issues, but if the IRS reviews it the fines and penalties will significantly outweigh saving some money by not having it done professionally plus you're either gonna leave a lot on the table or overstate which is a surefire way to get audited.

I can relate if she mentioned this as "revenue" but she mentioned as "profit" which is odd to me but what do I know, I am a newbie. 

We have kept up on maintenance and we just renovated the lower level and upgraded the plumbing so we do not anticipate too many issues, but you never know what tomorrow brings when you have a 60 year old house!

We are looking for houses that are real rough and need pretty much everything but I'm staying away from homes with major structural issues which I have run into quite a bit so far.

Let me know if there is an issue getting it.

Most are not as good at determining the accounting and tax allocations issues.