Ivan,You posted in another topic about an inheritance.I commend you for not going and buying a bunch of crap with it but wanting to invest it.I have seen some friends inherit large sums of money in the past that the grandparents and parents sweat blood and tears for them to have and did without to give them a chance at a better life.The friend was irresponsible and lived "high on the hog" for a few years and is now broker "working for the man".I think what you are underestimating is what it will take to do repairs correctly,the time involved,and how buying incorrectly can wipe out a large chunk of your wealth.Not knowing what kind of existing annual return you are getting on your money is a huge red flag.You have to compare the RETURN versus the RISK when moving money around or allocating a percentage of your portfolio of investments.If you don't you are "shooting in the dark" and might as well take a trip to Vegas and play the slot machines with your money.DON'T talk yourself into something and say "it's not so bad".That is what I am seeing from your posts and is the number one mistake of new investors.

Alex,Why would you need to buy it from your parents vs. the current seller?

I have an attachment to this type of property as I was raised in a similar townhouse on a beautiful lake just around the block that my parents still live in til this day.

He can't kick you out for making complaints.Did you talk to the parents?

Parents had a 20 unit motel then built a 24,000sf warehouse where the motel was.

I own 1/3 of my parents' apartment overseas.

The lender could decide that your deal doesn't meet their qualifications, the lender could go out of business, the lender could run out of money, etc.If you are relying on someone else to provide the cash (even if it's your best friend, your brother, your parents, etc), it's not a cash deal, as the cash is not guaranteed to be in your account when you need it to be.Your agent did the right thing...and as Jon alluded to, with many cash offers, you'll be required to put 10% of the purchase price down as earnest money -- can you afford to do that?

Sort of like arguing with the police or one's parents.

Keeping consistent with my kid theme, I go aggressive with the first property (child), then I do what most parents do, plan better for the next child or in my case property (properties).So, Lets say I get a modest income tax return and bundle that with $ I saved.

And you're going to expect your parents to do this for free?