Since I use the profits from my contracting business to buy real estate anyways, this would be a perfect fit. 

- Loan Amount left: 184000- House Value: 240000- Credit score is near perfect- No debtThe house needs work.

Below the 250K is where the vast majority of our strong working class can purchase.I do a market update every month for one of the local REIA's here and I would be more than happy to share it with you as it perfectly breaks down the city for that 10,000 view you are looking for.

I am a lender, I also flip and buy properties so it makes perfect sense.

The seller was an investor who needed some cash quickly, he was the perfect motivated seller.  

Daniel Odess good points, if they knock the price down enough, it could still be worth my time...the location is perfect.

At which point we would want to buy it, rehab it and rent it.. but here is my question.. he is perfectly fine with the outdated kitchen.. and outdated bathroom.. would it be totally CRAZY to buy it for say $110,000 and turn around and rent it to him??

I work from home (the joys of being in the IT world) and can get away for a lunch now and then just to share stories and experiences.

I checked for other faucets and valves, all seems perfect.

@Cassandra Sifford If you do not  intend to have the HELOC very long then perfect.