Also, I know that by law real estate agents have to disclose if things on a property are unpermitted to allow the potential buyers a chance to back out of the purchase if it's too costly & the real estate agent who sold my friend this property didn't say anything about any of the 3 out buildings that are on the property.

As for cost, my nuclear-powered Duke Energy NC Residential Service (RES) costs $0.11661 per kWh.

They won’t give me just a quote for what it would cost for the same work in the first estimate.Am I obligated to replace or repair the AC?

All expenses, income, depreciation and any other deductions or costs apply to the partnership.  

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

The challenge for present day investors is with elevated mortgage rates and record high housing prices, the carrying costs and incentive to invest now can be restrictive. 

@Trey Onufrii It's tough to say which one is the better investment without more details, like - cost of each parcel(s), are there utilities close by (especially the Jomax site), what's the terrain like on the hilltops? 

You also won’t have to worry about any fees or closing costs.

Do you know what the reno should really cost, not just agreeing with the GC? 

Not a good idea for some of the same reasons-high costs of purchase combined with inexperience and renos gone bad/out of control.