I would be doing this will a local partner, we would buy the distressed property in cash and get a hard loan for the renovations.

“In investor’s business outline, dated May 10, 2004, he indicated that he was starting Value Property Investments “for the purpose of buying, remodeling and renting property.”

What I'm torn about is that the ceiling tiles were not painted, if I had painted them before hand, there's a decent chance this damage would not have occurred?

My family member owner regularly receives (non-specific) offers to buy the apartment building so I definitely think the buyers are out there for something like this.Any thoughts about apartment building sales would be appreciated!

I'm thinking about buying the course.

I was looking to buy a home from him last year but he blasted me in an email for looking him up on @biggerpockets  in this post, so I stopped communication. 

There's a very good chance the issue(s) you face have already been discussed and answered.Ask questions in the appropriate forum.

If you buy less than that, you’ll be taxed on it. 

I've met many people though who go thru these programs and never buy a thing. 

I will sometimes buy the latter, but never the former.