Just another possible gotcha if you're not prepared for it.

You will want a note, mortgage and personal guarantee prepared and signed by the buyer.

Hopefully, you already asked to see the following items:- lease agreements (look for: special maintenance clauses and what items the tenant is responsible for repairing if any, late fee dues and dates, security and extra deposits, what the owner pays vs what the tenant pays for utilities, landscaping, pest control, etc)- payment ledger- notices given (if any)- copies of annual inspection reports- Estoppel Certificates (show rent, amount of security deposit) if you do not have an agreementYou will need the current property management company to also provide you with current tenant contact information, keys to the unit, and any paperwork listed above.

The CAP rates one new construction are much lower and a lot of times builders will offer move-in specials to get higher rents than the market will support (ex. 3 months "free" rent at 1.25x market rate). 

It was condemnable, I wouldn't store tools in it.This looked like a bulldozer special.

Someone who specializes in the specific area would be highly preferred.

I would hate to buy my first property and not be prepared for it! 

Those that specialize in the chasing foreclosures (and some that don't) will be knocking on the owner's door.  

They did, and wind up having no money to pay for electric, gas, water etc. and special assessments had to be made to pay these utilities before they are cut off.Financially, I think it's better that this repair be made out of your own pocket, at the time of your choosing, if there's nothing wrong with it right now.

Nothing special or unusual about them.