Since it has little to do with my short-term plans for the property and the markets will always shift before the equity becomes useful to either finance another property or something else of that nature..

This would be my first project of this nature.

That's a natural thing that happens to anyone who strives to do something out of the family tradition.

My background was finance and accounting so naturally I'm concerned with ROI.

Should I push back on expenses of this nature?

I thought this was worth posting as well:Milton Friedman.....Greed Is GODDPeople are, by nature, rational self-maximizers.

Your purchase and sale contract should have covered outstanding rents etc.My buyers of commercial properties there is a standard contract however we usually employ the services of a real estate attorney to draw specific language to address concerns with a specific property.The commercial forms are generic in nature and commercial properties are very specific.Did the seller not inform you of the tenant being behind on payments??

Due to the nature of the issue I cannot have some of the newer less intrusive techniques applied here IE. pipe bursting and or lining.

Yup, lots of idiots in the mortgage business, but in my experience, there are ten times as many in the agent business...Unfortunately, real estate in general is a low barrier to entry business, so it will naturally attract a lot of people that can't do anything else.That said, those in this industry who are good (brokers, agents, etc) tend to be VERY good...5% of the people have 95% of the skills...

Section 9-2201(k) states:"'Mortgage loan' means a loan or agreement to extend credit made to a natural person which is secured by a first or second mortgage, deed of trust, contract for deed or other similar instrument or document representing a security interest or lien upon any lot intended for residential purposes or a one-to-four family dwelling as defined in section 103(v) of the truth in lending act, 15 U.S.C. 1602(v), located in this state, occupied or intended to be occupied for residential purposes by the owner, including the renewal or refinancing of any such loan."