No disrespect intended with this comment but If this was all above board, then why did he wait until after the signatures were dry before he told you about it? 

I don't see the rental market drying up any time soon.

Keep in mind a big part of what sunk us in the GFC is that investor loans completely dried up .. right now they are available Albeit at a higher rate then 6 months ago But at least you can still get one.. things get worse LTVs are going to get lowered things will just continue to tighten up .. 

They often skimp on due diligence (don't look for wood rot, don't scope the sewer line, etc.) but almost always just budget not enough.

Tree branches had broken off and penetrated the roof, large front porch was rotted etc.

I have been buying trustee's sales in Utah for the last 8 years and they have dried up to the point where I have started my research on other western states.  

Not only will the property owner make more but the tenant will benefit from dry,and safe parking as well as a reduction on their car insurance rates.

Keep paying the taxes but turn off utilities, drop insurance, board it up and let it rot? 

I've had to pay to replace them and costs can easily reach $15k or more.Any old house should be checked for signs of sill rot or insect damage.

(they cut copper and wires)we put in to it 1 month of self work (learned from youtube) plus hired a professional (for the shower and kitchen) at total of 20k.we sold it just now for 35k (lost 7k)the good thing is that i can notice the mistakes:1. we've upgreaded the elctrical sistem at a bout 4k. most buyers dont care for that and it cause a lot of holes in the old plaster wall (much worse the dry wall)2. we didnt paint the outside- thinking it less important (its very important)3. we used stick on tiles instead of vinyl floor (1 days extra work), replaced windows that were old but not in a bad shape and a few more extras there and to littles here...4. to stress to buy (we were not local and had a flight back home) and to sell (we thought the snow slow the market down- its not so true)to summaries it:dont buy a house with electrical issues, bad windows, and rough exterior.dont be afraid from holes in the walls, old paint or pluming issues- those are reliability easy to fix and drop the purchase price dramatically.now we will buy 2 more houses with a purchase price of 12-20k, remodeling budget of 8-10k.we predicts a 15k profit on a flip and 20% roi on a rental (1 house for each niche)i leave you with some pictures