Thank god my father rode the rails and found a job in California during the Great Depression and I was forever  grateful for the Crash of 1929. 

@DB BrooksWhile I am fairly well acquainted with older buildings - we have a couple from the latter half of the 19th century and more from the early 1900s - I do not know the particulars of being in that warm of a humid environment (it gets humid along the cost here, but only warm for half the year).You do want to look at the plumbing, though in a depression era house, I would suspect galvanized supply and drain lines to be more prevalent than lead (though they are possible).  

It's more depressed but the rental market has been stable.

Last year I found my self more depressed than I have ever been, and in a scary place as far as my personal beliefs, how I valued myself, and how I saw my life unfolding. 

I hate to be depressing but if a LLC is a single member it is usually disregarded, if you are managing your rental property as the manager, you again are liable.  

We would also have an in-house pharmacy and the property has a rehab center that would create additional income.Negotiating quick cash buy (15-35 days) for short term inspection period in order to create motivation to act now.It's appraised value is 2MM.Looking for short term equity partner/s where there would be an agreed buyout at the end of 16-24 months with no pre-payment penalties should we buy out sooner. 12 month deferred payment.The property would be for a Behavioral Wellness Center that would cater to our clients suffering from clinical depression and would be a short term (6-12months) to long term (18-24 months stay) recovery period.Clients would be required to be medically stable and able to perform their own activity of daily living (shower, groom and feed).Staffing would include RNs, LVNs, Support staff (Techs, kitchen staff, Nursing Assistants, HR, Education, Administration, Contract Counselors, Addiction Counselors, Technical support, Groundsmen,...)Would you be interested in this deal?

Definitely comes down to numbers - are you buying low enough that a downswing in your local market won't depress values to the point that you can't refinance out of the HML?   

When my former employer decided I didn't need to work there anymore it was a very depressing and scary couple of days figuring out what was going to happen.I decided if I was ever going to go full time and make it work it was then or never.Now I would rank that as maybe the 4th best day of my life (Wedding day, and birth of daughters 1 and 2 still ahead).Look at it as the kick in the pants to get super serious about things!

Housing market is depressed and foreclosures not uncommon.

We can do things that most banks and Realtors aren't able,or won't, do.Lastly, some people just become ashamed, depressed, stressed out and do the "Ostrich Syndrome" which is to say they ignore phone calls, knocks on the door, and mail contact, bury their head in the "sand" and hope it all goes away until it's too late to do anything.Hope this gives some insight.