As for the vacant land it really depends on what you can put on it.

Whether that would work depends on how much work is needed vs your and his cut of the after repair value.

It depends on the Lender.

.$310K for a 7 unit (depending on unit size), sounds like a deal even in a D neighborhood/D property IF and ONLY IF, you paid cash or already had terminal financing.

You'll need a special provision on your HO policy (or a separate policy depending on the insurance company).

Of course, those are simply general statements and can vary depending on your market.Otherwise, the process is the same and at times easier because it's easier to get comps on condos.

It feels like depending on the amount of work required, it could still end up costing more than it's worth.

@Greg W. depending on where the property is located, you might be able to sell it to an investor.

I guess it depends on sinlge family or multi-family, what area, etc.  

You don't NEED a realtor to complete a residential real estate transaction although they can certainly be helpful - it just depends on your comfort level with owning all the steps yourself.