I would check with your municipality and codes office from what you have stated this property is uninhabitable and should be condemned if you have a friendly codes officer that may be another option to look into.Obviously, this is not legal advice if you do the lock out and board up on your own just know the consequences; in my metro area an illegal lock out will get you arrested and law enforcement does not want to get involved in this type of issue too much liability for the officers and the city.   

I have researched these types of deals a bit and see quite  bit of "stay away" "too complicated" etc.

I too only invest in industrial, primarily single tenant NNN and industrial outdoor storage in DFW.What types of deals are you looking at?

What made you interested in investing in this type of deal?

If I were you, I'd speak with a lender (if you are financing your next property) and find out what type of property you'd be eligible to purchase.You can also connect with local investor-friendly Realtors who have access to properties, local market information and Real Estate contacts.

Hello- Can someone please tell me if I will have to pay any type of federal capital gains tax on a property that I sell in Washington state that was given to me? 

There are two types of returns that you get from real estate1) Cash-flow2) AppreciationYou already mentioned cash-flow will be negative so that is a negative return.Can you estimate what the appreciation will be for the next few years?

Check with your attorney, but these types of businesses are all over the place.

Hi Nicholas, we normally adjust the terms of a standard lease based on property type and landlord's requirements.

I am licensed in Texas; Washington, DC; and Maryland.Regarding stepping into real estate, I highly recommend you identify what property type, risk threshold, and return criteria you are seeking.I for example, build for-sale duplexes in the Houston TX market, always utilizing a GP-LP relationship, my all-in cost for these duplexes is around $35k and I make approximately 20% return, with limited risk (besides having to guarantee the loans!)