Let him know what you are doing and your plans, and where he falls in.

So a $10, $100, or even a $1,000 offer would be a waste of time and fall into the ridiculous category.

The basement has a tenant on a year lease until next fall, and we will be able to complete a fairly cosmetic reno in the upstairs suite and rent by April. 

The area I'm looking at is around Sulphur Springs, Wichita Falls, or Bonham, TX. 

Current tenants have never had rent raised.Leases:Unit 3: One year; expires August 31, 2017Unit 4: (did not scan; at home; will send this evening; pretty sure 1 yr lease ending summer/fall 2017.)Unit 5: 6 month, expires June 30, 2017 (just renewed)Unit 6: 6 month; expires May 31, 2017All rented.Asking price $135K2016 (est) Repairs: $1,100Improvements: $1500Rental income: $18,000Annual recurring expensesWater $840Trash $912Snow/Lawn $750Property Tax $2,700Insurance $2,100Rent (@ 100% occupancy)Units 1 and 2: $12,360($515*12)*2Units 3 and 4: $12,600($525*12)*2Total rental income at 100%: $24,960Improvements to units 3 and 4Roof 4 yrs oldNew toiletsHot water heaters 4 yrs oldFoundation drain installed both units 3 yrs ago; warrantied for life; transferableNew rugs; walls paintedImprovements to units 2Foundation drain installed unit 3 summer 2016; warrantied for life; transferableNew carpets and paintImprovements to units 1 and 2New roof scheduled for mid-January.I would appreciate any thoughts.Bill

I don't want to lose the momentum on this, but I also want to try and minimize the potential for tripping and falling right at the starting line if possible.  

I would suggest having plenty of exit clauses in your contract that you could potentially fall back on in a case like this.

He would have to be a silent  partner but if interested in getting into the real estate world love to help an your never too young it's a matter how bad you want to make  huge profits so if interested let me know.

He ceiling heat has it'smany down falls but for the most part if they are not disturbed they tend to have some decent longevity.

You're right, either way they get paid but if a couple of offers fall through (even if it's the buyers issue with financing) you have an old listing, a stale property, buyers assuming something is wrong, etc.