I am not surprised the earlier owner went bankrupt but I find it hard to see what you could have done to turn it around. 

@Danny Webber Your #1 may be easier said than done for those who were caught by surprise in this crisis. 

Even the most experienced rehabbers end up having surprises it’s just part of the deal.  

It's also the only guarantee you won't have any future surprises that will cost you a whole lot more than a grand after he passes.Have you asked him what will happen to his 50% share when God forbid he does pass?

I currently reside rent free in a paid off family home and am conveniently 10 minutes from work.

Check for lawsuits (you'd be surprised how many gurus spend more time in court that real estate.

You'd be surprised who comes into your life when your goal is helping others find and invest in great deals.

You'd be surprised how much stuff people say that's self-incriminating when they don't realize they are being recorded.

I can comfortably process one at a time but I also want to make sure I can safely handle those surprise expenses like a new roof or maybe not having a tenant for a month or two.I'd love to reach out and pick your brain sometime. 

And you may be surprised to find that the lower rent isn't actually below market for the place.