I used to think the same thing but my lender assured me they will add back depreciation.  

Well, I will assure you that great tennants won't live in a bad area.

Well as Rick Harmon posted earlier on this site but on the probate topic,I doesn't matter what the transaction is - purchase, buy out, work out, financing, pending mortgage foreclosure - each player in an estate or trust deal has their own agenda based on self interest.Rick Harmon's words.Depending on the topic yes I do attend local REIA club meetings..but sparingly....Warm Regards................

You’ll know more of the players, including contractors, agents, and attorneys.

Yo Jerry ,,,hope all is well up in "Gods Country"About your project;The easy answer is .when dealing with decomposed,rotten or failing pipe especially "rough cast iron drain pipe" it is best to simply remove and replace the original bad material.You want clean smooth surfaces on your drain lines especially if this is a rental,,it assures proper draining and trouble free service .In this case,Jerry I would take my time and do a thorough analysis and inspection of these original drain lines.I would certainly invite a competent local family owned and operated plumbing company to perform a sewer video camera inspection and make you a dvd showing the condition of the drainlines.If you have cracked cast iron pipe above ground its very likely you have more of it along with cracked 4" red clay drainpipe underground.If this is the case ,you must bite the bullet and have it replaced.Cracked pipe can be saved with epoxy "lining systems" but I'm not crazy about them.Yeah they are OK if done right,but at the end of the day you still have cracked crummy pipe with a liner.I like to dig up ,remove and replace bad drainpipe.Another better alternative is Trenchless Pipe Replacement or "Pipe Bursting" ,,,with this process you break the original cracked pipe out of the way and actually "pull " new PE polyurethane drainpipe using the old pipe as a guide or conduit.Check out the many excellent animated and real video footage  demos of the process on You Tube,,,,,I dont like mixing cast iron with the black ABS plastic drain pipe.I like one or the other.No hub cast iron pipe is much more durable than ABS but really doesnt cost much more.However ABS will work fine if properly installed,that means pipe and fittings are glued properly and horzontal pipe is installed and "hung" at a 1/4" inch per foot grade.You asking me about burying Fernco rubber "boot" fittings underground.I dont like them .Burying a UPC code approved "No Hub Coupling" which is a black neoprene sleeve covered by a pliable stainless steel jacket is fine.Again if its installed properly.Youll need whats called a no hub torque wrench and you tighten these suckers up to 72 inch pounds.Your friendly counterman at the local Plumbing Supply House will show you how they work.But while you there,,,I would make friends with that counterman and at least ask for a referal to a competent local plumber that takes on small projects invite him to look at your job and get an honest opinion of the condition of your drainlines and whats needed to correct things.Then youll know without a doubt whether its a DYI project or a case where your better off hiring a pro,Good luck Jerry and hope this helpsDD in L.A 

Example: LinkIn is overpriced at $100 a share - but that doesn't mean I won't ride it up to the $100's and short it back down to $50.About 15 years ago China devalued its currency some 65%-75% in one day, they've been selling us $20 DVD players and eating our lunch ever since.

But, before I do, what questions do I need to ask them, what information do I need, what assurances need I get, what should I expect in return?

I have done a bunch of deals there.I am selling a rental today in fact to a bP member owner financed no need to BRRRR its all done he just has to B   and then R  its the rehab that is the risk.. we all get stung at least if your doing any volume.if your live in your market and can stay on top.. your chances of success go way up.. the BRRR as taught is just so risky for someone sitting in CA trusting it gets done with out a lot of supervision.. just like any home flipper they just don't live one place and flip 10 states away unless they are bigger players..So try one close to home first then fill up your experience bucket and go to the next etc.

Since the majority of people reading these forums are small time players who only own 1-2 properties, most people are actually exempt from Fair Housing Laws.  

(The TK company may very well be a contractor.)As this is your first investment and you have never worked with this company, I don't understand why you are not getting on a plane today to look at the property, meet the players, look at the neighborhood, etc.