I am totally out of my element and depth here..  !!! 

After switching hands a few times over the years, the house at 2830 Park Street was purchased by the Florida Cabinet using what’s called the Internal Improvement Trust Fund.In 1982 the state Department of Corrections took control of the house and used it for what’s called a Women’s Adjustment Center — a sort of halfway house for female inmates with short sentences.Now, a Department of Environmental Protection spokesman said his agency is in charge of selling it off, along with other excess state properties.

Low to no time investment, long-term hold, ok with giving up some control if it means having help.What I don't like- using 200K in cash leaves you with no leverage, which is one of the beautiful elements of RE investing. 

My growing curiosity in wholesaling continues to push me to further research this intriguing element to real estate investing.

I don’t know how you buy without appraisal or environmental contingency?

There is always an element of risk. 

They did extensive upgrades post-purchase, so a lot of the elements have been updated. 

We actually had three or four other scripted elements that never made the final cut.The crazy thing is that none of this was the original script. 

A typical mortgage appraisal, and many non-lender appraisals written on standardized forms, allow for an appraiser to make dollar adjustments to the various elements of value.

Access to money is always a vital element in REI of any kind.