If you cannot budget for or handle the issue(s) you are covering then dealing with the issue(s) could be catastrophic for you.

If your market supports medium term rental demand and you're having issues getting booked, put yourself in a potential guests shoes when reviewing your listing. 

But if its humming right along and has no operational issues then your probably going to pay much more.  

I'm not the best at math so am using, what I think, is a more common sense approach, but seemed to make sense to me.

However, for the seller to net the agreed price, the price has to go up in which case you can run into the issue of the property not appraising.I think the fundamental issue is this requires a more sophisticated buyer and seller (especially to have a graduated commission scheme which is common in commercial). 

I have considered carpet but that won’t help with the heating issues.

"Don't let common excuses hold you back!

Just wondering if anyone has done this and what safeguards (contract, insurance additional coverage etc), if any, they felt were necessary, and if they've had any unexpected issues.  

It's a pretty widely discussed issue with buying foreclosure auctions.

It is unfortunately common for attorneys to take on more than they can handle.