It's complicated and expensive and easy to trigger problems with the government.

If there was anything like a convenience store, dry cleaner, garage, etc., you want a phase 3 environmental study.Financials: get 3-years income and expense statements, monthly rent rolls, and select income tax returns. 

It took me 3 to 4 years of thinking about it trying to find money before I was able to pull the trigger after the 2008 crash .

Continue to network, attend meetups, and educateOctoberHonestly not sure what else I need to do at this point other than what I would be doing already to continue preparing before we pull the trigger.

This remodel will run my bank account dry, or very close to it.

@Jose Manuel Castro  You're afraid to pull the trigger.  

We tore up the floor immediately and dried everything, even the flooring survived.

Have been spending the last few months sharpening my knowledge and skills to best arm myself for when I pull the trigger on a property.

This is pretty cut and dry if its what you say it is.

I'm not sure if she owns the house free-and-clear.My pitch was gonna be this:$10,000 down payment$1500/mo for 20 years I'd pay all closing costs Offer the prop mgr 1 year of fees (~$2650) to assist the tenant in the transactionThis works out to basically a $370K sale price, or the equivalent of $402K if she were having to pay regular agent/closing costs.Benefits to the owner would be:Her cashflow immediately improves by about $450/moShe gets an unexpected $10K bump - a nice kicker, but not enough to trigger a big tax eventShe no longer has to worry about or pay for taxes, insurance, property management, maintenance, wear-and-tear, bad renters, etc.The transaction is hassle-free - no inspection, appraisal, or bank loan that can fall through ... she'd just receive some papers via FedEx, sign them, and we're doneThe property - her former family home - would go to someone who truly loves it and would care for it well Downsides for her would be loss of future appreciation and rent increases; and maybe she has plans to leave it to someone in her family.What do you think of this offer?