OK I see in another thread your asking about lease options.. and probably sandwich lease options and your lawyer is sizing up your financial ability to execute on your contract when the person you lease to stops paying you which is highly probable.. so that's probably good advice unless you have deep pockets and can cover a mortgage or lease payment for the time it takes to evict have the money to rehab the house once the tenant trash's it and then lease it again.most who try these schemes do it because they lack capital and undercapitalized investors fail most every time.this is what the lawyer is thinking.. how to you get through a default.

This is the same result as if someone bids with enough sum to cover the money due to the bank, but not enough to cover my parents' lien.   

In order to increase NOI, you have to look at your potential purchase from two sides:I. income - can it be increased (via either rent increase, or other types of income - for instance, laundry or covered parking if there's none and it makes sense to add it) and/orII. expenses - can it be decreased.

The positive note here is I have enough income coming in from it to at least cover my fixed costs and have extra for anything that pops up if I were to have 3 vacant units until mid January to March/April. 

You need builders risk, a GC’s builders risk only covers Their work.

Do you have funds in place or available to cover this?

could all this be covered by a renter I'm sure there are lots of ways to make land work, I can't wait to hear more from this thread :)

The rent covers PITI and utilities with a little extra built in to cover anything over the average utility usage.

Submit an insurance claim and hope they cover it.When you have water damage, particularly over a longer period of time, there's a high risk of mold.

They love it have experience a small bit of appreciation but the numbers there for rentals would not quiet cover your expenses.