On top of that, there is a decentralization of office space as well meaning that workers are no longer required to work and live in the same place for the most part.  I

In the Columbia area, you do not need an on-site manager but you do have to have a responsible party within an hour or so of the property. 

You would defer a lot of taxes, have a spendthrift trust that would protect your family long after your grandchildren are gone and you could earn substantial returns on the loans you make which would be serviced by a 3rd party company.

it's livable as it stands but I dought anyone would want to stay there in its current condition.

I am not sure if they would be more willing to benefit the seller or if they would have both parties in mind.

Wood frame construction withstands seismic activity much better (because it can flex and remain standing) than brick or block (which tends to shift and fall).

We are late to the party as far as real estate investing goes.

Plan accordingly with detailed leases on parties, number of occupants, no smoking,  quiet hours, etc. so it doesn't degenerate into a frat house.

I'm originally from WB so I know the area but not from an investor stand point. 

Super easy for all parties.