As you can see, the lot is just a gravel lot with space for 3 to 5 cars.

The roof structure was caving in, the dormer was not put in right and showed signs of leaking, floors where very oft needing a complete replacement, furnace and water heater was under water and now needs to be replaced, the downstairs basement had signs of mold.The positive side of things was the lot, the lot was very large.So my question to the community is(1) Is this normal in foreclosure property?

Is this normal procedure?”

#2 isn't really an optionIn the eventuality of #1, what are the costs incurred (how much money needs to be in reserve) to ensure refinancing can be covered -- is it just the normal costs of refinancing?

the deal not withstanding but I would look at it like if houses are renting for 650 to say 800 and now you have 500 dollar apartments I suspect your rental pool will probably be pretty tough and transient so vacancy and turn over will be higher than normal. 

The one-car, detached garage--to my eye, a carriage house--may extend across the property line. 

I've in the past had clients fly into town for a weekend and allow me to put them in my car and give them a tour of the city - that's where you'll learn the most.

So, I get in my car after viewing property, turn on an old BP podcast from 2016, and they immediately start talking about a purchase in Chicago at a 4% rule, and how it was the biggest headache ever and the money wasn't worth it.

@George Blower Custodian treats it like a normal loan since the payments are made with post-tax monies.

Normally you get the resale package BEFORE closing, not after.