Sounds like you found a great deal, and I agree with you that the appreciation should continue with building of the new federal courthouse and also Harrisburg University is supposed to be building a $100M building downtown, which I think that economic force will trickle into the Midtown area as well.Let me know if you have any questions, I'd be happy to help!

In addition to Matt's sound business practice of fixing the home, most states which includes mine GA, tenant law says; landlord may not contracturally transfer responsibiltity of maintenance to the tenant, its always the responsibility of the landlord.....   

@Koob Moua your contract sounds contradictory so you can try, but if they refuse you really dont have anything to stand on.

Sounds like a complicated situation but I can't see how letting the house go into foreclosure is going to make it better. 

It sounds like you could really benefit from talking with some folks in your local market who have done these types of deals before.

Sounds good. 

listening to BP podcast interviews, I hear people say that the lender has the option to demand payment in full to transfer ownership, but they dont do that because they are happy to be getting paid. sounds like a scenario that could go against me if the current owner defaults on his loan, or if the title company wants me to take full control (which I was trying to avoid anyways with this whole tactic).

@Dom ChitDom: Sounds like a fun project. 

It sounds like you have something to offer, so you just need to make sure you work carefully to choose the right situation that will be beneficial to you in the long run. 

Sounds like that may be even more of a concern when you're working in lower income areas, as they're probably going to have more issues.On top of that, the property is listed as a 4plex, yet the county records show it as a triplex with a garage (so they likely converted garage to an additional unit), and the "land use" is defined as single-family (which is confusing, because the same page says the property is a triplex).Will be talking to the current PM hopefully today to get his opinion on the property and area as well.