Ben,Electric can get very expensive, and will absolutely scare a portion of of tenants.

Grants book, though not specific to real estate, is motivation on steroids and will absolutely benefit your real estate career.  

Absolutely agree that you need to consult with experienced real estate counsel on this.

I ABSOLUTELY HAVE TO make $50,000 by August 29, 2015.I will keep this very short and brief!

Charlotte to an absolute beating starting in 2008, because of the banking crisis.  

@Joel Owens  You are absolutely right that brokers/realtors/attorneys/mortgage companies have limited knowledge on how a 1031 works.

But such people absolutely do exist.Court house auctions vary state to state.  

Not knowing the address, sq ft, actual condition of the house, I'm guessing it's in the $25-$40K range.If I were you, I'd tell my friend I want absolute nothing to do with this property at even half his invested price.OFF TOPIC a bit: Looks like Richmond has a lot of inexpensive fixers. 

This site is absolutely filled with information so go to the blog, listen to the podcasts, and browse the forums.

For now, I have been trying to absorb as much information as I can (the podcasts, articles, beginner's book, etc.) as I have absolutely no prior experience in REI.