I would request the Seller have the entire property inspected and treated by an agreed-upon pest control company at their expense and that they provide you evidence of completion.Pests need food and water sources.

People don’t sue people that qualify for food stamps.

People don’t sue people that qualify for food stamps.

https://www.houston.org/assets/pdf/economy/Employm...The Partnership’s forecast calls for job growth in 14 sectors: manufacturing; wholesale trade; retail trade; transportation, warehousing and utilities; finance and insurance; real estate; business, professional and technical services; educational services; health care; administrative services; arts and entertainment; accommodation and food services; other services; and government.

There are probably others who feel differently....so you will get a lot of different viewpoints as food for thought!

However, I really need guidance from the BP community in order to get started.CREDIT:I personally funded my small food business with my savings and money earned from part-time jobs.

The Military, Automotive, Agriculture, Distribution, Food, Machinery, Plastics and Printing industries are the largest employers in Hopkinsville.

Lastly, any other advice or food for thought since this is my first time going through this process?

I realize how exciting it is to be on the brink of your first investment, but there are plenty of other fish in the sea here and like @Patti Robertson said if you have 200k to spend there are lots of other deals that meet and exceed minimum investing standards within that dollar range.A few foods for thought:If your friend is will to sell it to you for 200k, and it's value after he finishes fixing it up is 245k, then why not sell it to an owner/occupant outright, gather your profit (potentially 25k-ish) and find another lease option deal that the numbers work better on? 

Our only big competition is that Hampton Inn down the road, and most everyone agrees that staying within walking distance to Main Street is much more desirable than staying in the commercial area (there’s a Walmart, a few fast food joints, etc) a few miles away.