As long as both parties agree to and sign a contract, then do the provisions in that contract decide whether the contract is fully executed properly or does the state's contract override some of the provisions in the contract to which both parties have agreed and signed? 

I have Section 8 tenants in deep east Oakland right around the area he is talking about and those Section 8 tenants are a gold mine when they are properly screened.

Part of this has to do with the 2040 plan and zoning laws in Minneapolis proper. 

In order to evict you need to send proper timely notices.  

In episode 85 of Straight Up Chicago Investor podcasts, @Mark Ainley talks about how in the last few years you are required to not pull credit/background check until the initial screening is approved. He said he'd put...

Great ROI but only when done properly, but of course not as steady as multifamily homes.  

I've used Property Managers in the past and I will use them again because I understand the value they bring and it will better fit my lifestyle.

PossePresentation=BusinessLicenseSearchByLocRent&IconName=Contract_Mag.pngOtherwise, you may be looking at a protectional zoning board hearing and obtaining variance, certificate of occupancy and more documents to make it legal and have proper rental license.

  $125,000 - $40,000 = $85,000 less realtor fees to sell it, and will a lender finance it in it's present condition.Also, those pier and beams go out of wack all the time and maybe just adjusting them will fix it.Some of the older homes are jacked up with all kinds of automobile junk yard scissor jacks and Auto Zone bottle jacks, piles of rocks, stacks of 2 x 4's on grade, wooden shingles, tar shingles, etc... vs proper peirs.So maybe one of the renters (or one of their friends) crawled under there and removed the jacks to use on their car repair or sell at the pawn shop for beer money and now the floor bounces.Meaning get a 2nd opinion from a pier company (that's legit, has an office and a website, etc...) and have them confirm the ROT--if any.Because the floors do rot (sometimes) and also the piers go out of wack and sometimes also sometimes disappear into thin air--and no one knows what happened to them.Getting a 2nd opinion on if there is rot--with cell phone pics of it--would be smart--if none then adjust/replace the jacks.Good Luck!

Lead paint should not be a big deal, just encapsulate it properly.