To my mind, if you want to get the information about particular real estate market fast, ask the real east agents in this area.

I wanted to thank you for taking the time to reply.

@Andy Schwaderer - how did you find this apt building and any tips on convincing the seller to carry?

@Abdul Azeez, I think that the problem is that you are stacking the deck against yourself trying to do all of these things on your first deal:1) Purchasing the property from an online auction site / bank, which is notoriously tricky even for the experienced investor, due to their proprietary contracts and minimal due diligence period and strict deadlines.2) Working with a new contractor that you haven't used before, or seen their work before, and who may not be used to dealing with investors.3) Trying to get conventional financing on a property that has a short closing time and where the mechanical systems cannot be tested.4) Working on your first deal by yourself instead of partnering with a local investor who can guide you along, or at least a mentor who you can turn to with questions.My advice is to make it easier on yourself by considering buying a property with a standard contract and longer due diligence period, network with local investors who can provide you contractor contacts and also some guidance, and consider using private financing or hard money instead of bank financing.In my opinion, buying from the online auction sites is a more advanced strategy that you can use once you are able to ballpark construction costs yourself and/or you have a trusted contractor you've worked with before and/or you have private financing or hard money set up so you can close fast and/or you can purchase the property without interior access and hope to get lucky in terms of condition (but still buy at a price where you are comfortable doing a full rehab if necessary without losing much money) and/or you are familiar with agreement of sale contracts and closings in your state so you can assess the risks of using the bank's seller-friendly contract.You're already doing the right things by asking questions on this forum, and taking action.  

@Mark Nolan@Daniel Dietz@Chris Jacksonthank you all for your replies. 

Any tips on handling the tenant, the security deposit, and the current management company?

I figure people looking for jobs might need to sell fast, but won't necessarily show up on any of the other lists, thereby decreasing, or eliminating, my competition. 

In 10 years it's going to be as any regular house aswell and it needs to support that I feel like.Any creative tips on how I could make a deal like this work?

Then you can put it in LLC to protect you against tenant lawsuits, and the seller's loan is protected because you are personally guaranteeing it.One more tip.

All my carpet jobs have been small and either wouldn't have qualified for the specials or hd couldn't get me scheduled fast enough, so I haven't actually used them to know if this is true.