It's a part of the equation, but a part of growing up is to slowly go further and figure out your own way.

Like @Daniel Hyman says, it may be your ability to attract others and their capital (or, OPM) but in general you need to bring something to the table to make the equation work.

When the bank was brought into the equation the deal was shut down and I believe he will be pursuing a short sale instead now.What does this mean for me and my offer?  

Building codes arnt even a part of the equation here since water in all un- heated parts of a house will freeze, and break pipes.

I self clean and I do not want to clean up after 8 or more folks.Also, though, location is part of the equation. 

I am no CPA or legal expert, but I believe part of the equation has to do with what type of entity you are holding the property under, and what you can do to be tax savey within that entity.

Then again, common sense does not necessarily enter the equation.

Buying at those numbers in any market will equate to the same answers.

So, if you're wanting to leverage your residence as a rental, you'll probably have to give on your criteria for your residence and focus on the "profitable rental" side of the equation.

Results can equate to deals, business, friends, education, etc.