Hey, since you're broker maybe give us a head's up when you find a great fixer-upper one (if not in Seattle at least close enough).

You’re ahead of most people your age. 

Other than that pretty straight forward.

As you asked regarding working with a broker,  I would say it's depends how familiar with real estate you are, if you need some basic information how to find a good deal in this specific area is better to work with a broker but if you are able to analyze a deal or you work with an experienced investor then is better to work straight with listing agent or seller as you are more flexible with negotiations and information, also then some listing agents are more likely preffering to work with the buyer by them self because they getting more commision of sale.Just my opinion......

@Hilaree Fraly hello there, I would say go for it, if the numbers make sense go ahead and do it.It sounds like instant equity which you can use to refinance the house and get your $20k back and rent the property.I am also from Michigan, Wyoming to be specific and my previous landlord sold me the house I rented from them.So far it has been one of the best decisions my wife and I have ever made.

Here is an excerpt from an article on the subject that I believe breaks this down fairly well:Gain, to the extent of the depreciation claimed that exceeds what would have been allowable under straight-line depreciation, will be recaptured as ordinary income, and, thus, taxed at rates as high as 35% in 2003 and later years (ordinary income rates), but the amount of excess depreciation subject to recapture may be less for certain low-income housingGain, to the extent of the depreciation that isn't recaptured as ordinary income, will be taxed at a rate of 25%.The balance of the gain will be taxed at a rate of 15%Example – In January 1986, you paid $1.3 million for an apartment building (not a low-income building), of which $1 million was allocated to the improvements.

Without having seen it, I think I would go ahead and buy that one!

Just straight information and super friendly atmosphere.AREA Real Estate Investing Group – https://www.meetup.com/realestate-445/ - Meets once per month and is usually well attended

I will go ahead and research how to find the status of the owner.

@Stacy Preston As a realtor knowing real estate already I bet you already know tons and are ahead of the game.