There is a small personal junk yard going on next to a non working vehicle and leaving food around for the purpose to feed wild animals outside their window. 

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.

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). 

Issue the non renew asap telling, not asking, them to leave.   

An additional route is to take your earnings from non-Dad deals to use with Dad deals.

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.

I've used them for non-conforming condos that were still pre-rehbab and they are pretty flexible with what they can lend on.