If they have gusset plates then I would bet they should be replaced if they have signs of high heat damage. 

I'd use at least 8-12 months to budget for your schedule before you can even break ground.In terms of financing, I don't see how you can make it work with hard money, so your best bet is to find a partner, especially someone who has done this type of work since banks want to see a track record with experience. 

On a side note, I would love to connect with anyone, especially anyone involved in the Cleveland / Memphis markets.

I bet that will be hard to find even with a major rehab. 1% rule is 10 Cap + or thereabouts.

I'd love to hear about your involvement in lending down here in Tampa. 

It is possible to do a lease that has language that you and the owner will attempt to complete a short sale (will need a realtor involved) at a specified price and that if it is not successful by a certain date then you can get out of your lease. 

@Costin IorgulescuThe IRA LLC may be you best bet to control custodian fees.

Glad to hear you decided to get more involved and officially join the community... 

Thanks Chris I hope so too :) Yeah I initially thought to only use the line but someone tried to convince me there is more risk involved that way.We are long time friends and have meshed well just not in business yet.

I would bet the MLS has good deals you just need to spend more time searching and act quickly.