If you are going to roll the dice on such a property the goal might be to limit cash as much as possible into the project and have non-recourse where you can walk away with nothing lost but time in the deal but valuable experience gained.A seasoned seller will not allow this but as a seasoned buyer I also wouldn't agree to their terms on such a property.

We were lucky enough to have enough to supply downpayments to get the ball rolling but since then have bought 13 buildings, totaling 51 units and have since sold 2 SFH and now have 48 that are running on all cylinders and providing enough income for our family of 3.

Would you offer less (maybe 190k instead of 210k) and roll the dice? 

Occasionally a tenant will roll over in those types of centers.

Ask for a current rent roll and '12 trailer' which is the last (trailing) 12 month's income and expense broken out by month.

Over the phone he was asking for $59,000 for the property and saying all it needs is drywall and kitchen cabinets to get it rolling; and that he has already done the roof, sub floors, windows/doors, framing, electric, and plumbing.The most similar house recently sold, that I've found so far at least, was about a block down the road from it and went for $126k back in August.

The goal is to roll over profits into the next one, and do so until she either reaches her stress limit of buying/fixing/selling every two years, or were financially comfortable and in a house we love. 

I just hope your investment strategy isn't to roll the dice and hope nothing bad happens because that will bite you eventually and can derail your entire investment strategy and/or life. 

Not at that moment I wasn't -  I had some free time and so I rolled up my sleeves and did it.

To keep things rolling we decided to move into the flip house and wait until the prices came back up.