Purchase price: $60,000 Cash invested: $80,000 Sale price: $185,000 Full gut top to bottom.

Rent in area is $850 now so it could be raised.The seller stated that he gutted out everything & replaced with new a couple years back.

May be a dumb question, but my gut seems to think the bank will let it go for much less than someone who possibly still owes a majority of the home's value?

Normally he buys properties and pays me to gut them and fix them up for rentals.

My gut tells me that no lease term may be treated like no lease at all, which in my state would mean that after the first year the lease automatically goes month to month, but something as important as this needs a definitive answer from at attorney versed in UT landlord tenant laws.

I can gut the ceiling of the basement and put in new water lines and boiler lines. 

This starts with having the guts to put in an offer for those properties that are appealing, coordinating inspections, approaching the seller with either fixes to safety related issues or a repair credit, and closing the deal when things come up that get you nervous. 

At the end of the day, you have to trust your gut, even in the face of the attorney's feedback.

genereally most do it with varying amounts of rehab.. from full gut.. to lipstick

I think it's my gut feeling thr debt.