Joel is right about seller financing which is usually very common for the sale of small businesses.Also be in mind that as with real estate you really need to understand how to value businesses, such as ebitda multiples and such, if you want to do this correctly and will certainly require an attorney for the same as there is many more moving parts to the sale.

but make sure your comps (to get ARV) are correct and a solid PCR (Property Condition Report) or equivalent. $58K + $2K + $10K in loans and liens (HOA liens?

Sorry Siri correction, flipping not dipping😬

Tom Anderson if in doubt about a contract or even a bid price, pay a lawyer you trust a few hundred to negotiate the different bids you have received.

Before I bring my client to a deal I ask ( Are you going to try and push the market with multiple rounds of bidding and extract every basis point out of this property  OR Are you looking to sell right away to one buyer for a reasonable purchase price and terms?)

Now, if you ran your numbers correctly with the new PITI payments and allowances for vacancy, repairs, and capex, then you should have a cash flowing rental property for no money out of pocket.

Other issue can be corrected relatively inexpensively compared to a septic problem.

Check with the local planning dept to make sure zoning is current/correct, no major construction projects are coming, and that no plans for inverse condemnation are in the works. 

. :)You are correct about the 2 of 5 rule, but there is another one: non-qualified use.

First of all, you need to attend the sale in person even if you are not there to bid on a specific property.