I have a mechanical engineering degree and currently have a well paying job.

We live 1,000 miles from this building and want to go straight to a property management company to do the condition inventory and set up the payment mechanism for the rents due Sept 1.

I always have an inspection contingency in my offers; not for anything cosmetic, but for structural/mechanical damage that may not be noted by the seller.J.

if the house is in decent shape with all mechanicals there it would be worth around 10k or so maybe 20k. 

Have the attorney include some kind of tie-breaking mechanism.

If it's a mechanic shop and you're looking to change the use you're going to have to spend some money and you could even run into environmental issues.

Example I just saw a property with mechanic garage listed as: Asking $185,000 for purchase. the rent for the house was $700/mo and the garage was rented $300/mo (thus .54% rent to purchase ratio).

You will have to develop a mechanism internally for BS Detection.

Is the renovation primarily cosmetic or does it include required mechanical updates?

I have contemplated, (but not followed up on ) investing for years, but this time I jumped into a REO in Traverse CIty.I am a construction equipment mechanic in Chesapeake, VA.