The best part is that you don't have to "learn it better than anyone else"!

Only about 1/3 of the properties on the initial foreclosure list actually go to sale and of those only about 10% are sold to third parties like yourself.

Trying to get someone out on Turkey Day would have cost you 3-4x as much and so I think it was reasonable to wait. 5 day turn around time with a weekend, holiday, and third party involved, not bad at all sir....3) Agree with previous post, will probably be outside of the scope.4) Unless there was an acute event which caused the leak, i.e. earth quake, flood, external damage, etc., my guess would be no.

. - Get the property under contract (both parties sign the contract) Since I don't know what your exit strategy is, I can't help with the next steps...but that should get you started...

How would I break up my original 200k purchase into what part is considered towards land and what is considered part of the existing house which was not completed?

Not to the building as that's irrelevant, we need to look at the structure of the agreements, what benefits there are for each party and what the goal is. :)

Well written rental agreements protect both parties.

If both parties are amicable to a modification of the lease, you could replace the inherited lease with your own.

If you don't your operating agreement should specify what they're worth and you simply pass these fees on to third parties.

You would need to get an agreement FIRST to have this other party sell their interest.