There is no commercial tenant now, but there used to be a law office.  

For the most part, if it is reasonable for the rental it is deductible (technically the rule is ordinary and necessary, but for practical purposes it is that the expense is reasonable).

Practice helps with that.  :-)Also, you didn't ask, but I have another piece of advice, before buying anything, check the flood plains and don't buy a "down house"--a house where the property slopes toward the house as you'll always have water problems.Good luck!

I found practice exams really helped me prepare for it. 

Secondly, depending on your state laws (and left coast consumer laws won't help you)  the old "hold a QCD to avoid having to foreclose" usually won't stand up in court.....referred to as "circumventing foreclosure laws".I'm sure your market there is competitive, so the worst he'd probably do at foreclosure is the property sells for $600-$700k and he walks with $400-$500k cash.....probably much better than you'll do for him.

I hear that the MA laws are pretty strict with lead in the units, especially with kids living in the units.  

With Fort Collins laws.

Depends on your local laws, but typically 30 - 60 days.3.

From a practical standpoint, while YOU can't assign your purchase, there is nothing to stop the seller from obtaining a new buyer, your friend.

I have been rehabilitated my mother in laws house for the past three years, with the little bit of money I make, while fixing my credit from a mother that used my name in my younger years irresponsibly.