If I sold him the building on a land contract for $250k, which is exactly what I have in it, on a 15 year payout, am I correct that the sale would result in a wash, no earnings to be taxed on, and the only taxes I will pay will be on the interest portion of the monthly payments for the next 15 years.  

Unless you pay cash for this deal...I can tell you that this deal will be close to a wash.  

Also I cover the shared area water and electric with coin op laundry.

Any landlords out there in the Greater Cedar Rapids, Iowa City area sick of their Coin-Op laundry suppliers? 

It doesn't fulfill 1/2 what she was aiming for and relocated the laundry and mudroom further from convenience.

You see, I currently wash dishes for a local restaurant chain during the day, bring in barely 1k per month in income (after taxes), a little over half of which goes toward living expenses, and use a bicycle and the local transit system to commute around town since I don't own a car.

This house is very comparable condition wise with each unit having a separated laundry, and full refurbishment of the interior of the units.

There is no doubt in my mind that rainwater intrusion is already causing damage and fungus growth in the attic as a result.The code violations are going to require moving the laundry area.

Not really sure where to post this so if someone knows of a better forum let me know.I have a house that has a forth bedroom in the basement with no windows and only one door into it, it looks very much like a bedroom but I know this would not qualify as a bedroom I can advertise and would have to call it a den or something like that.My question is if I added a section door to the laundry area of the basement that leads to the garage would that could as having enough egress to let me count it as a bedroom?

If friends are not willing to let you show the place and leave a mess behind, then at that point you should simply reconsider your generosity to someone who doesn't have the same respect and consideration for you.One hand washes the other.