Maybe the seller is in deep with too many bills and has to sell quick and will take anything that is offered but doesn't want to offer it low in case someone is willing to pay more.

If you are trying to wholesale it, don't. 95% chance you'll just end up keeping their home off the market fit 60-90 days, so they can't sell to a real buyer, then the deals falls apart because you find a buyer, your double close doesn't work (no assignments allowed), etc, etc.

I would have all my docs. run by the attorney, plus have an escrow company for collecting rent and paying the existing mortgage (be sure r.e. taxes are included with that payment also) so it doesn't fall into foreclosure.

But keeping up with 4 licenses in 4 different states honestly doesn't seem worth the hassle or expense.

The selling market doesn't seem to be too strong in this neighborhood; this one has been listed for 60 days and other similar properties have been on the market a while.Craigslist rents validate my range of rent assumptions between 600-700.It sounds like the general consensus is this is not a home run deal at this price due to likely roof and HVAC costs.Any more feedback from others would be greatly appreciated!

Seek a solid lawyer, hopefully it doesn't cost more than $700-$1000 to get them out in 90 days.

I do get nervous thinking about the what ifs...like what if I should use the $17k in another way, a way that would get me to more properties faster or what if this doesn't work or what if this is biting off more than I can chew.  

Generally people would sell before being closed on if they had equity, so chances are he doesn't have much equity.  

In all honesty that photo doesn't look bad, but what does it look like in person is the better question?

It doesn't matter if the property has a mortgage or not on it if you buy it.