I am looking forward to suggestions, warnings or anything else that i should be aware of.   

I think we could probably get $500+ with a light rehab.

Check to see if you have to install any manholes, fire hydrants, curb, gutter, sidewalks, street signs, street lighting any specific street design or access requirements, Check DOT requirements for access, stop lights and permits, traffic studies, DWQ requirements for permits, permit fees and time frames.Once you have an idea of what you can build and what is required in terms of permitting and infrastructure you want to talk to some civil engineers and commercial general contractors that do the type of projects and build the type of buildings you want to build so you can get an idea of costs, time frame and requirements.

Tread lightly my friend and try to turn over every stone, have a title co. do a search on the property few hundred bucks now could save you thousands in the long run. this person does not know the bank or how much is left on the loan, does not sound right.

Any recommendations for someone in the area for a light renovation?

I am simply trying to shed a little light on what is actually happening behind the curtain, and sincerely wish you the best of luck!

It's still important for trash if you have a big dumpster to have locked access, lighting, and possibly a camera to help prevent illegal dumping and running up your trash bill.The water department if you have a leak the process typically is to get a plumber or similar to find the leak and repair it.

I actually hope you disagree with me and shed some light on this, but in addition to not having the time/need/desire to get my license, I think it would have hindered many of my conversations with sellers to date.

Maybe he could shed some light on it.

You see those "I'll buy your house cash" signs posted on the poles at the traffic light?