I quickly made the following report just based off my friend saying that we would need $100k to update everything to bring it up to the neighborhood standard.  

A licensed agent acting unethically will be acted upon without you doing more than reporting it, so they have a much higher standard to uphold and much more definite consequences.As for the tax advantages, they are huge for a long time owner. 

You can generally get all the wiring redone for around the same cost as your deductible.

@Scott Slocum generally with an REO you will use both your state approved standard contract and often another bank specific contract (which is usually very 1 sided).

Geez you have low standards .

Green Street is the gold-standard for independent research within the commercial real estate industry.

but then we also have Commerce Str, Wythe,.. and then the standard "Tom's house."    

Just make sure you have standard protections in the contract. 

This method of course does have higher rates than standard loans.

Otherwise I'm thinking a standard 30-day notice "reminder" that their fixed lease is expiring, a new month-to-month lease for 1 month, and a 30-day notice for end of the month-to-month lease.