Report says monitor tube installed does not go deep enough into the tank so full validation cant be performed. 

@Russell Gronsky, That post looks like it needed to die :)You're almost there :)  And welcome to the deep end of the pool. 

I won't get too deep in the details but I had an appraisal done on the land with a proposed house on it and it came back pretty good.

Otherwise you need to go and make your own deals i.e. marketing and find motivated sellers that will sell you their house at a deep enough discount.

Gain a deep understanding of the legal term, 'material information' and use it as a tool.4)  If you really want this place and it's been on the market for a while you may want to find the broker who originally listed it (I'm making an assumption that it's on broker number two by now) to ask her/him for some real deep details.  

To piggy back on this thought, your equity partner should ideally have deep real estate focused relationships in the market which could help you to identify your property and give you access to off-market deals before they are made available to everyone and their uncle.

Given some time, I may be able to find the answers if I dig deep into the forum, however time is of the essence at this point; and I don't want to blow this opportunity by hesitating and delay taking possession.Any help would greatly appreciated!

It is a personal preference if you want to start out small while you learn or jump into the deep end.

Because of the plate size and to keep a 2 Bd unit between 1000 - 1200 sq ft, the units were narrow and very deep.

Key was to not take your cash out and spend it on consumer items but to use them for reserves.. many did not heed this advice .. had limited reserves and ended up in deep trouble.. when they had an unexpected higher than normal turn over .. etc.