The property does not need any work other than a deep cleaning.64,500 purchase price 10% down because the loan will be structured as a second home. 6,450.3,000 closing costI will be taking out a loan and have excellent creditAfter the down payment and closing cost, the amount financed will be 61,050.

We knew the owner was out of state (it was an estate sale) & the place was full of junk & the old machine shop was full of old equipment.We offered cash, close in 30, no inspection & we would take it 'as is'.Several others were also cash & higher but wanted inspections & the place cleaned up.It's NNN & still returns us 28% p.a.But we do have experience regarding structural, elect, plumbing etc etc.We had the opportunity to bid on another property that was part of the estate.

Well I don't know if "sorting anything out" with the owner is necessarily required...you can just state to everyone involved that the PM agreement currently in place will be terminated upon sale of the property.

Here's what I know of the numbers: House is 4 bed/3 bath, 3100 sq ft$55k is owed to bring everything current (HOA, mortgage, fees)$8-12k for rehab - general cleaning, landscaping, 1500 sq ft of carpet, interior paint in some rooms$164k - current loan balance, $155k after bringing loan current, PITI is currently $1076 @ 3.5%$1800-1900 current rents in the areaIf the loan were called, I would be able to pay it off. 

It will need a lot of cleaning and paint.The seller said the bank won't take a loan to purchase because it's being sold as-is and she can't afford to fix anything, if it's a loan she will be required to fix things (like electrical). 

Can anyone offer any advice on lease structure and insurance requirements to get this started off on the right foot to allow for a win-win for all involved?

So trying to collect the $15.00 nuisance fine would open up a whole can of worms.And a year ago, the city here introduced recycling food scraps, involving another can.

The place seems clean and well-kept. 4 minutes from CTA station on brown/pink line.

From those one looked fairly good, well managed on the upswing as a new owner had come in and started remodeling and kicking bad tenants out. 24 unit complexList 565,000Purchase Price 535,000Gross Rent:138,000Less Vacancy(10%) 13,830Operating Income 124,470Property Tax 8,837Insurance: 6,900Management(6% after vacancy): 7,468Maintenance(6%): 8,298CapEx(6%): 8,298Water: 8,400Waste: 2,700Electric: 8,400(laundry room, hot water heaters, security camera's)Cleaning(unit turnover): 1,800Landscaping: 600Operating Expenses : 60,301Net Operating : 64,169Loan Payments(100% financing): 42,369Cashflow:21,80024 units - 16 2bedroom and 8 - 1 bedroom lofts.

Hi We purchased a property last year, a tenant living in one of the apt was cleaning the building for the previous owner, and got $50 off her $650 monthly rent.