You would still have to maintain everything.But in your last question, are you trying to compare condos vs houses?  

Nice units, well maintained. $450,000.

However, my question would be how do you talk with the recipient and let them know you are an investor and, did not personally know the decedent with out coming across shady and still maintaining rapport and credibility?

The owner is an elderly woman who lives a town over with her daughter, but they have people come out to periodically maintain the property, so it isn't a horrible eyesore or anything.

Why didn't the Mortgagee/Vendor just reduce the principal of the loan back then and maintain the Borrower's interest in the property.  

I do not know about Texas or the particular piece of land you are considering to purchase but out here in California where I live land usually comes along with all kinds of vegetative growth which my law, ordinance, or regulations much be maintained in order to avoid any potential fire hazard.

That qualified me for a $25k job (in 1998).I just took a real estate licensure course that had quite a bit of rigor (though broad based, not very specific on any of the topics) and I'm sure that there are a lot more millionaire real estate investors than there are millionaire real estate agents.I have a really good job right now as a programmer and trust me I've had to read lots of very rigorous books to get here and to maintain my skills but it won't make me rich.What this business really takes is "big brass ones" (@Joshua Dorkin, podcast 105) and if people find that in these books then I think they are the books with the most value in this industry.Yes, if you rush in you might make a mistake that will cost you thousands or even tens of thousands on a single deal. 

Be careful with low vacancy / low cap rate, that could mean its in a bad area. do your homework for the area, see if its growing, is it low vacancy because it wasn't maintained ?

They are rules of thumb so they are not cast in stone but you should maintain the principle of there being enough profit in doing a flip to make it worth your while. 

I have maintained the property and appliances, per my responsibility.