@Jonathan West,It sounds like you need an attorney rather than an agent/broker's opinion.

@steven @Steven Gillmer Sounds good Steve! 

Stories: 2Year Built: 1984Lot Size: 6.14 ACAPN / Parcel ID: 3-29-00-058.02Last Verified: 3/18/2016 Highlights Over $250,000 Invested in Capital Improvements in the Past 24 MonthsSeveral Units Completely Rehabed with several HVAC/Appliances replacedUpside through Rent Increase to market rate, Improved Management & adding new unitsWell below Replacement CostCash on Cash Return : 25.31% (I do not know how they are getting this number)Internal Rate of Return (IRR) : 23.22% (I also don't know how they got this number)DescriptionValue add opportunity for a new owner. 36-unit, garden-style apartment community built in 1984, the property contains 5 two-story and 1 one-story buildings encompassing wood exteriors and pitched roofs.

It sounds like the non-recourse loans would be best.

Sounds like you need to partner, or give the lead to an experienced investor for a bird dog fee...

We sound like the start of a bad joke:  A retired attorney, and two Property Insurance guys walk into a bar... 

Sounds like a great macro-level plan! 

Trust me on this: you will always be able to tell professional workmanship.This same principle applies to most labor, whether it’s replacing a foundation or painting a wall.

Sounds to me like the neighbor has a "dream" of buying the house but isn't in a position to do it now. 

., sounds glamorous, right?