@Vincent CraneThanks for playing devils advocate.It is a thin margin indeed, my current goal is to pick up houses, that I at least break even on while managing myself (this house has the thinnest margin of any I own to date due to 100% borrowed money).

I knew I was always going to get into real estate (it's just a part of my family and my dad is an electrician by trade), so for me, getting a construction management degree was the natural choice.

NA Beard I am not an expert but I think the FNMA programs require 20% equity from the borrower.

I have about half that amount in cash, but it would not my first choice to go cash poor doing this.  

Something is only worth what someone else is willing to pay for it, so if they agree to sell below market that is their choice.

It means you borrowed less, so are paying back less!

I suggest consulting with a local geological engineering firm to evaluate the options available for that specific site.The choice of foundation vs. crawl space depends primarily on two things as I see it, what is the market there and what is the structural fix for the soils.  

Success is a process, failure is a choice

I assume these systems were mostly updates of old octopus systems (fully gravity fed).Local HVAC guys suggest leaving as-is unless someone wants to put AC in - but if we can avoid limiting the (future) borrowers to non-conforming products, that would be good!

Sept 2015, both grandsons were served foreclosure summons from grandfather stating amount borrowed in June 1994 through today Sept 2015 plus high interest.