I still plan to educate myself for another 6 months until I am confident enough about my analysis.I am also looking into getting a 4-5 unit apartment building, which I think would be a better investment.Thank you both for your input.

Is he self managing and are you going to.Get a break down of all of the rev and expenses.

I remember years ago some family members did not understand owning your own business or being self-employed.

Don't rule out self storage facilities, especially Florida.

For example, if you need some time to get your finance ducks in a row, or if you are self employed and need next years Schedule C for the lender, then I'd look at FSBO's, or even listed houses and rather than barter, look at terms.

If it was permitted and inspected, you're fine.If you're not confident about your ability to do the rehab correctly, hire a general contractor, licensed subs, and get permits for everything.

Now the issue is about the self employment tax, as I’m manager(active partner) for the LLC, so looks like all of 28k +30k+ 130k are subject to self employment tax.

This is assuming there was even a will.http://www.irs.gov/Businesses/Small-Businesses-%26-Self-Employed/Understanding-a-Federal-Tax-Lien

The only reason to buy would be if you were confident the other half was going to tax deed auction, and you could get it then.

Unless you take that approach, you won't really be confident that the facts are accurate and complete, or the reasoning in the analysis is sound.Second, while I agree that the lender will have its own underwriting criteria and that satisfying those criteria is what matters most, that doesn't mean a good analysis and presentation are superfluous.