And just so you know, the Juanita Tate marketplace at Slauson and Central (CVS, starbucks, grocery store) is beyond a success.

It usually takes about two rent cycles before you can get your new value accepted in the market place.

I'm a Realtor in the NW Louisiana market place and just getting started in investing.

In any reasonable real estate assessment this is a negative cash flow deal.

Put that specific term in a cover letter with the offer "we arrived at our offer after underwriting the property and taking into account it's functional obsolescence to the units tenants find desirable in the direct marketplace of the properties".

Tough people to deal with due to the fact they feel their buildings are worth a million when the town only assess them at 500K. 

Special Assessments - be aware of special assessments (these are usually 1-time charges above your normal condo fee for things like roof repairs etc).

Another thing is assessments.

The way I have been doing it, I scope out a perspective house to buy, I have a contractor who I've been working with, give me an assessment of the condition, and give me a quote on what it will cost to renovate.

If your husband does find a 100k deal....why not wholesale it for 15k to a local investor that can act quickly and be a repeat buyer for you that is knowledgable in the market place?