I was a bit surprised.To me, the house looked like a prior tri-plex in the Highland Area. 

At this scope, there is often several years' of prior planning before any construction begins.

I am looking for someone who would be able to take pictures for the listing and prior to tenants moving in.

One guideline I use says that if the rent is $1000/mo, then the most I can pay for that rental (including any renovation) is $80,000.One caveat though - if you purchased that $80K property and it had plenty of deferred maintenance (needs a roof, windows don't work properly, old HVAC, galvanized plumbing), then you would need to have these items fixed prior to purchase or factor in this maintenance (pay me now or pay me later...).  

Basically do your research prior to purchase.  

Hi @James Defazio,There are a number of strategies that you can consider, including:Tying up the Replacement Property through a lease option.Finding a way to accelerate the sale of the Relinquished Property.Or, look into structuring a Reverse 1031 Exchange transaction.The Reverse 1031 Exchange transaction would allow you to acquire and close on the purchase of your Replacement Property prior to selling and/or closing on the sale of your Relinquished Property.The challenge is that your equity is trapped in your Relinquished Property, so you must find a way to finance the purchase of your Replacement Property prior to closing on the sale of your Relinquished Property.  

Question is, should I just sign an extension of prior owners lease or have them sign a brand new lease?

Great example of the BRRRR strategy like I mentioned prior!

If results of said inspection reveal (A) additional large items of repair or maintenance needed without prior knowledge by buyer or (b) additional repairs where estimates add up to 1% of the sale price; the buyer may renegotiate the terms or rescind offer." 

The only way you could do that is if you had a stock pile of older plumbing and wiring that was date coded prior to your buying the building