Then turn the judgment over to a collection agency and walk away because you'll probably never see a dime.

From your reply, I gather the mold is probably the biggest concern and the others are just typical upkeep issues. 

A calculated replacement of boards that have to be, proper prep and a good coat of quality exterior paint will probably add 10+ years of life at a fraction of the price.

And yes, I definitely know they were probably on their best behavior, although I was really surprised at the number of places I went to see where the tenants were really rude and not at all people I would want to rent to.   

Although downtown is seeing a re-vitialization, the suburbs are probably the best place to invest for a newbie not intimately familiar with the Birmingham market.   

Is that included if it is.. then your right this goes right to a title claim and let the title insurer duke it out.. plus the lender probably has a lenders policy.. ???

We’ll probably list at somewhere between $115k and $125k.

Mold is probably your biggest long term concern. 

They will probably put it under a commercial loan, so you'd be looking at probably a 20yr Amm, maybe you can sweet talk em into something longer.

Unless you want it vacant so you can rehab, in which case you might as well have it vacant during a time where you probably couldn't fill it anyway...you want it read to go, at market rent,  when the market for finding a tenant is hot.How big of a rehab and time frame to do the work?