Start working right away and you could have a well-paying job, be debt free, and own a couple investments within four years. 

Then why would you consider paying $1.3 million for this property - $70,000 over value?

Avalon, it may be a bit of a drive for you but I always attended the Renegades Detroit RE Meetup.It's held monthly in Troy and always had a great turnout and mix of new folks as well as experienced investors.

I declined to pay for the repairs.

What are everyone’s thoughts on purchasing properties with tenants in place currently paying below market rents?

3) Price is too high for prospect perception of property value--- Prospects are only willing to pay so much for what a property is.

He has someone living in the property (my grandpa's wife's daughters niece) (kind of tricky there) that only pays him at least $800 a month.

Would I be making a mistake paying the $997 for the Bnb formula?

Insurance would cover it, I would pay the deductible, and no assets would be lost.If you are in an area like San Diego where people are more likely to sue, a judge is more likely to find you guilty, and the payout is expected to be higher, you may consider an umbrella insurance policy.

If you gain interest on the deposit, then you must pay that interest out to the tenant each year which adds to complexity and workload.Any bank should work.