With inspections comes certain things that may have to be added/changed to pass inspection that would not have to be done if there wasn't an inspection.

If so, and you are new, you have to ask yourself why the experienced investors have passed on it, there is probably a reason.

I’m sure there are going to be people willing to live in that general area, as it has gentrified a bit Sounds like it may be a pass.

Again, this is all new to me and I want to learn all that I can so that I can grow and pass along the knowledge.

The deal was way too good to pass up.

The deal was way too good to pass up.

BUT, since this is the first year there are likely losses passed to you as a result of accelerated depreciation and cost segregation strategies that the sponsor likely employed so there shouldn't be any tax liability.

We ALL plan to split evenly the mortgage, upgrades, and maintenance of the home.Ultimately my mother in law wants the hone to be owned by my fiancé and I (as a married couple) outright upon her passing.

I have decided to pass, at least at anywhere close to asking price. 

Don't ever offer more then the numbers allow.Search the average days on market in your area and after that period has passed contact him to see if he would reconsider your offer.