2) could you recommend a quick script so to speak of how to approach this with the tenant?

That $176k quickly turns into $195k or more.

@Kevin Hoag and @Jason BottI appreciate the quick responses and feedback.

I ask the question because i hear people say to use the banks money, but I kind of like the idea of a quick closing and being able to get a discount on the price of the house.I appreciate it.  

.$2,000 demo, permit fee and miscellaneous items.This is just a quick run down and like I said price will vary if you want to gut the whole place because at that point you have to add insulation etc.Hope this is helpful. 

Jeff, we are not living in the property and your response has clarified the answer quickly.

Also, some quick online searching shows vacancy at much closer to 10% than 5% for that area.Overall, I don't really know much about the Fairburn market, but another quick search online shows that the city is growing, which is a plus.

You could also run a “quick title” search for $50 with a local title company to make sure there are no outstanding liens on the property.

If you can not quickly unload you can lose the home or having to borrow more covering the negative.

You don't want the penalty to be too quick where they rush and don't do quality work.