For example, someone could have a bankruptcy that's a couple years old or medical bills (very common) or high student loans.

Common sense tells me that getting approved for 3rd mortgage when I want to buy a place for myself will be difficult, but maybe investment properties are viewed differently? 

He has also performed maintenance on the property without requesting or receiving  compensation.

I've ran into national vendors who have local affiliates, or franchises perhaps, who offer maintenance and rehab work at various events, such as Tricor or Laudan Properties, but I haven't used them so I can't say how good they are.

Here are the 3 most basic ways.TENANCY IN COMMON- An undivided ownership in real property by two or more persons.

With no property management Expirience, reserves for maintenance/vacancy, and low paying job- it seems a bit high risk without another party.

Who has been paying the taxes and any maintenance fees since 1980?  

@Brian Pulaski  in our markets that are not attorney closing states its simply not common to engage attornies in these issues.. 

Hey Arturo,Some usual pros; Can be below market value, Can be move in ready, Some usual cons; May need tons of rehab work, Might be bid up to above market value, Might be a common foreclosure area.These are a few.

Your mortgage is 587, plus another 100 or so in PMI, for 687.You’ve then got vacancy at 8 percent, maintenance and capex at 10 percent (if everything is new) So that’s 297 plus taxes at say 100 a month and insurance at another 80-100.