Prior to starting to flip full time I spent a year studying and learning the aspects of flipping: how to find deals, deal analysis, making offers, the renovation process and timeline, and staging/marketing. 

They didn't share any details on the divorce settlement and if there were any provisions pertaining to the lease, so I don't know if there are any details on that front that matter.   

The address is, 221 10th Ave W, Bradenton, FL 34205 Google it to see photos and details. 

This could be a good play for someone with right/trusted local connections.I would actually be curious if you could educate me/us on the detailed situation as you are seeing it on the ground, @Sean Almeida.

First thing I would do is determine if it's a flip or rental, and make sure you and your partner are on the same page, as a flip will require a lot more work and attention to details.   

Without getting into too much detail (unless you want to), what exactly did you do to "utilize" their knowledge?

I have no one to blame but myself for not participating in financial decision making, carrying credit card balances, being ignorant of our retirement savings and mortgage details, having no personal plan for my own financial future, and never creating a budget.

The existing tenants have mentioned separately (this is an up/down duplex) of smell of mold.This is not difficult to believe if in fact there are these obvious cracks on the home exterior.There is no doubt water/moisture is getting into the home and creating a condition for mold to grow.We had a structural engineer out to do our buyer’s inspection yesterday, report is due out later this evening (11/04/17).Verbal communication while on site, indicated a mutually shared concern over these cracks.The roof appears fine.A wall in the backyard will need replacing as the soil weight has almost pushed this wall over and it is only a matter of time before this thing comes falling over.Boiler may need replaced, windows as there is some clear cold.These are just concerns at this time but inspection report will lay all this out once received later today.I should have been a little smarter in not agreeing to a change in inspection objection deadline when it was presented by seller.My buyer’s agent and I should really have talked this one over, as I realize now that, it left us with only hours after inspection to come up with our inspection objection response and to be honest I will not have time to get bids for any of the extensive repair items which I do not doubt will be confirmed in the report received later today.Seeking any advice that you can give on the following: Would you proceed with purchase of the above detailed home?

This article talks in detail on how to evict a tenant plus the associated costs (and headaches involved): How to Evict a Tenant for Non-Payment of Rent (includes costs) . 

And there are a few other key development/operational details I choose to not divulge.