I feel that your advise will really help me approach the deal with my eyes open.

I've seen some advise you'll get more lenders interested if you offer a minimum three months on their return (houses in our price range move fast here).

Thanks for all your advise.

My advise to you would be to surround yourself with a strong and trusted team! 

He advise me NOT to offer to buy the property lower than $40,000.00.

My advise is "its all in the mindset"....focus on your goal. 

Advise ?

If this property is likely to attract multiple offers, I always advise clients to make their best offer right out of the gate because they might not get a second change.On the other hand, if the property has been for sale for several months and is not under contract, or worse, has been under contract several times, there may be a hidden defect.

I have been advised by landlords with 30+ years experience this often leads to more problems. 

If you can't get it sold and you had it listed on the MLS, you could probably get your broker or another agent to advise them whether to accept an offer you make to purchase the property.