The rent on a cruddy studio was $500 or so, and a prospect called me and said she'd like to see the place, but she could only afford to pay $400.

Now I guessed my interest rate using my my credit score and a few websites so I don't think that is the best way to get them and if anyone can give some insight on how to get more realistic rates I'll really appreciate it and ill refine the report.

I can see a situation where you and a person very experienced in property management team up and form a company to acquire assets and each of you get some sort of split of the revenue (and expenses) of that company. 

It has been vacant for at least a year and a half.

You can do it all but it takes IMMENSE time management skills and a great great team.

Remember as a investor you must accept the reality that you are putting it all on the line and as such risk losing it all. 95% of new investors fail to start or start and lose/get out early.

Other than having our numbers ready, the title searched, and a purchase contract on hand, what type of advice can you seasoned purchasers pass along to us? 

Many people are very accustomed to roaches.As you said, they can be gotten rid of if you have clean tenants and a regular pest control program.

I didn't understand or know the term cashflow 2 years ago when I bought the condo.Anyway it's about 2 years after I purchased it and a few months ago I put the final installment on the 20% down payment.

If you waited around for years between inspections In a c or d class neighborhood you’d likely be in for a rude awakening when you opened the door to your place only to find it has been converted into a crack house with graffiti on the wall and a basement with two foot of standing water in it .