Real estate is tough to beat ;)Thanks again for the response,George

*Out of state investing, since California looks a bit hot and cash flow in a decent neighborhood seems really tough for a newbie.

Do you have any responsibility for the warranty (deductibles, labor charges, misc. material/parts charges)? 

REOs can be tough, but I've had some success.

Even if it is a multi-family.Hopefully others will have better options but, for a non-owner occupied property, it seems tough to find any financing that doesn't require a 20-30% down payment.Since the owner is motivated, maybe they would be open to an owner financing deal? 

I made a lot of mistakes and learned many tough lessons.

The short answer is two blocks from the Junction is tough for a home like this.  

Does the material come with a warranty (xxx years without warping or fading)?

The walls are original brick, with some water proofing material painted over the lower half.  

You should place value on culture, track record, transparency, meet the team, get to know the area, ask tough questions, be very diligent.