I am not geographically bound so I will consider all areas.

Showing the clutter is a major disincentive and you'll just loose an otherwise acceptable tenant. 

If it is already rented then they might be a bit more susceptible to loaning, but you get to face higher interest rates for an investment property.I 100% agree with you regarding loosing up lending policies, but I hope they don't completely dismantle the entire Dodd Frank Act.

Whatever you loose on the vacant SF, you more than makeup in depreciation and tax breaks.

I'm not sure by the pictures if you have enough room in the price to fix it up and still make a profit or break even, you might even loose money and time. 

There is bound to be a deal in there somewhere.

After having loose discussion we're not sure how we could split the deal.

Lately, I have been bidding 35% of the UPB on a non-performing note and seem to loose them the first round because others outbid me.

What if I loose money?

It sounds like you are bound to the 30 day + rule.Is your area close to public transportation or large companies?