@Don Nelson, few questions to think about:What's the nature of the deal?

What goes up must come down....Real estate has a natural recurring cycle.

But with the following checklist, you can make a better determination of what that house is truly worth, and if it is the right deal for you.CompsComps, or comparable sales, are the natural starting point for determining property value.

He build zero defense, zero suspicion, and plans for no risk because he has felt none......then thanksgiving rolls around......human nature makes it hard to consider long term risks, especially when we don't experience it first hand. 

That's just the nature of the beast right now in most markets.

Naturally this completely kills our proforma.The leases state that the tenants ar responsible for the water bill so of course we can, and likely will, start enforcing the lease.

I say this because it is a fantastic starting point to learning about money and various vocabulary used when talking about money/investing.Reading about personal finance will naturally roll into learning about real estate investing. 

Another one of his tenants is the natural gas company. 

When I emailed the mayor to see what was being done about this particular flood zone, he replied that this area was a designated flood zone and is SUPPOSED to flood, and said that the cities intent is to let this area "revert back to its natural state of greenery", talk about a scary email LOL.

With that being said, are you looking to do a live n flip or just live in it and rely on natural appreciation?