@Melissa Man I'm sorry, that is really a tough situation.

Hi fellow investors, I'm running into a situation, certainly not that uncommon but I would like to make sure I've thought about it correctly.

I don't know the ease of knob & tube removal at the triplex you're pending on but not all knob and tube situations cost a ton of money.I'd call a boiler dude to see how much it'd cost for an inspection.

Here is the situation. 

I see that you specifically mention "sale of the property" which would make a reasonable situation.

Reo's and distress situation possibly.

Ben- this type of situation is something we see often.

I realize my situation could be worse, I could be purchasing in Florida ;)  Caveat Emptor especially in Florida :)

Sure I helped a bunch of people in tough situations, but when I think back to all the wasted hours and effort involved in a short sale, it makes my blood boil.I would still list one for a good client, but only if the seller agreed to have a local attorney handle the negotiations and closing.  

As always, I'm also looking for any input on my situation or decisions thus far.