The schedule E not only shows the common ownership, but it shows the rent that station pays. 

do we pay a transfer tax? 

-Will be open for us to extend our inspection periodThe counteroffer sounds attractive since he's offering to pay for most of the repairs, even for an engineer to properly inspect the foundation.

I usually tell my investor clients that if the building itself will be in a flood zone (not just parts of the lot), it's not worth the investment unless it's a steal and you're able to pay off any mortgage easily if flood rates rise ridiculously (and you can afford to pay for any flood damage, yourself). 

Insurance would cover it, I would pay the deductible, and no assets would be lost.If you are in an area like San Diego where people are more likely to sue, a judge is more likely to find you guilty, and the payout is expected to be higher, you may consider an umbrella insurance policy.

I would also stop by the town in advance to see if you can pay a fine to avoid going if this is just a petty thing.

South Carolina, specifically Greenville, is often pretty attractive to us just over the line in North Carolina, but keep in mind that as an investor you'll pay MUCH higher property taxes there. 

You get grandfathered into the codes that were in place at the time, you get the old setbacks, you don't pay an architect, engineer, city and permit fees, plan check costs, school fees and other costs that will not come with an existing house.Not saying that you can't build new for less than a remodel, but not usually when you add in all the costs above. 

Be prepared to answer a lot of tough questions about the risks and the process in general.On the plus side, having to pay cash and be at the auction in person usually roots out the "know nothing" buyers that drive prices up.

This could mean asking double the value a developer might pay for a run-down cottage on a large lot.