You're dead in the water at that point on a conventional basis.I suggest you begin by buying your own home, live in it while you fix it up, if that is necessary, and flip it and move to the next one.

a guy i know has a urinal in his home, when he asked me to sell it for him i suggested to him to remove it....he was dead set against it. he is one of those guy that starts a project and never finishes...fifty percent of the studs in the house are showing, he's late on his mortg etc...at one time he had a hot tub in his living room, one of those type of guys

You're wrong, it's a "POCKET VETO" it is not in place, it was caught at the White House According to the news, it was a Rebublican sponsored bill (generally anything that would be a big plus for banks and wall street will be from that side of the isle) , there was no public discussion and it passed with flying colors, the White House caught the deficiencies and how it would effect the situation and it is now dead.

Who says appreciation is dead!?

Cars are dead with a bad timing belt and it can be well worth it to replace the belt.  

Your links aren't working for me, I'm getting a dead page.

@Ben Roddey you were dead on with the price being at least 100k above what I should pay for it. 

So, you can have a serial dead-beat tenant apply and you have no idea that they may have gone through 10 evictions, which always ended at mediation and thus don't show on an eviction report.

It seems like this deal is dead unless I'm willing to take a 20K hit on price (5K offer & 15K renovation), which I'm not. 

The concerns include the ability of the floors to handle both dead and live loads.