Codes change over the years, so it might not meet modern codes but may have met them when it was built.  

Tony,There are many landlords sitting on big chunks of equity and with enough down they would privately finance the first position note for you.You have to be clear with them upfront that you still want a DEAL.In other words for financing they WILL NOT expect to stick it to you on above market rates and loan terms.A better solution is maybe to put 10% down and have the seller hold a short term 15% second.You just have to find the right seller at the right time.For some it's not all about the money as they have a ton already.Instead it's about selling for an okay price and getting rid of the landlord headache so they can do the things they want in life.The balance of time and money is hard.Many have a bunch of time but no money and then many have a bunch of money but no time.Hitting that sweet spot is the hard thing to do.

Here's the other solution I was referring to in the other thread:124710204080160210

I know I'm not providing too much detail, but wanted to see what other people thought that might be in my shoes.What is my solution, payoff the mortgages, but that is easier said than done, right?

I'm in the middle of building something like that to meet my own needs and would love your feedback as to what you're looking for in a solution.

Not preferable but it may be the only solution to finding a place for a relative.

This will get me a modern look for relatively little $$$.The kitchen currently has newer all wood cabinets BUT the stain on some cabinets doesn't match the others, so I ordered  stainable primer and will prime the cabinets with it and then apply a nice dark stain on top of it.

@Curt Davis  and just like modern turn key that focuses heavily on LA market which is the NUMBER 1 driver of Turn key... our family had offices in LA for a decade with 20 some agents working for us selling LOTS  and land in Northern CA.. we did fly buy programs.. the whole marryann.. same exact methods as you folks use today just done old school... was no internet then.. was no cell phones.. was no texting FAx's were just coming into vogue and we were just getting rid of carbon paper  LOL.Its the exact same premise and maketing skills  just a little different product.

Give it a more modern look.  

Hello all, Plan- For my next investment my plan is to buy a property where I can try the brrr strategy.Problem- The average house in my area is easily 300k so saving for a down payment could be a little slow.Possible solution- Was considering looking into wholesaling, would help accelerate getting the 20% needed.