I would say that you should first of all do your research on your prospective markets and see if that market is a fit for you.

The seller is motivated, and the cash flow prospects are good.

In these situations do prospective buyers usually pay for a home inspection before making an offer?

It may be helpful:I can give you some general info on insuring the property:Here are some things to lookout for from an Insurance prospective:1.Any in-ground tanks (active or inactive)2.Any Knob & Tube or Aluminum Wiring3.If built before 1978, does the building have Lead Safe certifications4.Any wood stoves or secondary heating units.

Do you find sellers balk at this, either as a contingency that you must succeed in signing a qualified tenant at x price or simply allowing Realtors to show an empty property to prospective tenants?

You'd be surprised how many prospects have got relatives or friends who want to get rid of their inherited property and will gladly send them your way for a referral fee. 

So being that I am staring down the prospect of 2 mortgages and ever exceeding cash going out to finish reno why am I not worried? 

If you have any future prospects want a reference, you can always ping me.

I'm from Cleveland but my wife and I live on Island right now and feel that it has good long term prospects, although it's pretty expensive right now.

Love to here prospects of rent growth, appreciation on west Louisville 40212- anyone invested in this zip code or around it ?