Verify the ceiling is dry and hit it with kilz spray and ceiling paint.

That puts you down to $165k in dry powder, and gives you cash flow on your earnings.

Title does not change hands (LLC remains the owner); so, it may not trigger reassessment (or transfer taxes in some states).Separately, in GAAP purchase accounting, the purchase price is allocated to the assets acquired based on their fair values (market) and any excess of the purchase price over the fair value of the assets acquired is considered Goodwill. 

Account Closed its a 2 car garage I would be insulating, dry wall and painting  I appreciate the response thank you 

I do not want to be that person who spends years studying real estate and never pulling the trigger.

Very small town so laying low until I am ready to pull the trigger and we are completing a few of the repairs , just because, just for eye-appeal.  

Since I have plenty of time now, I wanted to practice finding good deals so that when the time comes, I will have a better idea of what kind of investment to pull the trigger on.I want to buy small or medium multis to start, anything under 10 units.

So concentrate on his desire to sell as your trigger point for this purchase! 

If I had been able to pull the trigger and offer in person, I'm 98% sure I would have been able to close the house for $50,000 flat. 

BUT, you probably wouldn't get it until it's all been seasoned for 6 months.Up front, you could purchase it via an FHA loan with 3.5% down but you'd have to move in.The easiest way to do it zero down is if your grandma owner financed but if the title transfers that could trigger the due on sale clause.Is she willing to lease option it to you?