He said that the house is settling and that the floors arent exactly level but thats the only problem hes had with the house.As I am new, I am opening it up here to see how I could make this a good deal, if at all. 

I like IRA Services Trust Company.

I would like to set up and Irrevocable Living Trust to hold my properties and use an LLC to run the business, thus keeping my assets protected. 

When you put a bid in, raise the level a larger amount.

You will need to be very careful though as the areas vary, not only by blocks but actually street by street.What your looking to spend and your safety level will dictate more of what areas to look into.   

I can get a quick paint job for $200 a 12x12 room and ad $50 for a ceiling and $50 for trim and this is an area where an entry level 900sq ft 3/1 ranch is $240k with $12/hr starting pay for zero skills.

It's hard to get anyone to trust you without at least one of theses factors. 

Today from 30,000 foot level is bad timing. 

I agree with @Nabil Suleiman, that it's really what your comfort level is.

I felt TRUST was worthy of a discussion.