I would get the new rental property in great condition and live in my personal property in less than great condition until I could afford to spend money on it.  

Around here it's mostly concrete but I'm not going to spend the $ on concreting the entire yard areas (at least not at this point).  

I've already determined the most I should spend would be 160K.

I have been spending time studying materials on BP to know more about real estate investing.I plan to invest  in Nigeria and Uae but there are no post ,blogs or articles on BP that i have read so far that talks extensively or give strategies based on this two markets .So the challenge I have is that most of the post on Bp talking about stragies of acquiring a property and rentals does not really tally with the Nigerian market.

They were forced to sell the home, to incur costs of moving an entire household and to become renters for several years until they could recover from the financial burden associated with their son's chronic illness and death.To all who wish that government would protect them, I cite this example as I remind you  BE CAREFUL WHAT YOU WISH FOR,  YOU MIGHT GET IT

Any money spend in - on - for business can be deducted as long as you can prove it when time comes.

That is where you will spend at least 60% of your time.  

Money is not really an issue although I won't spend stupid money on it.

If they have a bad credit score and no bank account, I would not spend another second considering them.

What happens if you spend all this money on an attorney and then you find out its almost impossible to get a subject to in your area or that meats your criteria?