Before I give my 2 cents however, I need a soapbox moment :) I think there is an innate tendency (myself included at times), to "bash" ideas and thoughts that we don't agree with, perhaps unintentionally, but nonetheless haphazardly and often in an exaggerated manner in an attempt to demonstrate our greater knowledge.

Thank you very much @Josh Carr, I see that you are in the same line of business...

I'm buying it for 155k, down 40k, seller carrying 115k @ 4%, 15 year amort, due in 10. its grossing 43,300 right now and i of course plan on raising it after a few improvements.

I imagine that there are many tenants who are just grateful that their landlord does their part in a timely manner and are not looking for anything more.

I'll share something with you: I have bought all manner of real estate systems for a number of years now and have spent thousands of dollars on seminars and courses.

If it is all hidden as you stated and you fully disclose in the manner suggested by @J Scott, you will be fine.As to your numbers, if those numbers are spot on, you have a decent deal on your hands assuming you can get in and out inside of 6 months.

This is what I have in my lease agreement:"Tenant will be prepared for quarterly house inspections which will occur at three month intervals, and for such inspections Tenant shall have house in good clean condition, organized in such a manner that Landlord may inspect all important aspects of house, in order to maintain the health, safety, and welfare, of Tenant, and property.

The landlord before buying should have looked at current rent on the lease versus market rent.Generally what happens on these properties is as the tenants say our job is losing income etc. and we need reduced rent then the landlord complies in certain cases.When that happens the landlord starts cutting down on maintenance and repairs to preserve the same margins.Remember everyone has bills whether they are a tenant or a landlord.I am in the opposite situation.I get in to 20 units and there are tenants milking the situation.They will all be gone soon.They say we won't pay rent etc. but when it comes time to call the bluff they cough up the cash.If the events happen as you say then I feel for your situation.Just like bad tenants there are bad landlords where I would never operate my properties that way.If you are paying below market rent don't expect the world.Each year a landlord should raise the rent by 4 percent at least to handle carrying costs.If not your landlord is losing more money money on you for each year they keep the rent below market.I believe with the repairs the landlord would need to show "willful neglect" on not fixing the issues.

We can see this idea in comparing discounts in states which provide quicker resolutions such as Texas which typically carries a lesser discount versus states like New York which carry deeper discounts.Working with non-performing loans should not be a race to zero in regards to properly capitalizing the asset to recover the investment.  

Which is appropriate for my neighborhood, my experience working on property and my primary interest in rehabbing.Numbers are:4 bed - 2 bath with 2 car garage 1,780 sq/ftARV: $80,000Asking Price: $20,000Foundation work: $15,000Roof/Soffets: $15,000Interior Remodel: $10,000 (with me as the hammer swinger)Carrying/resale costs: $4,500With a net profit of $15,000, that's actually 40% of the median household income in my county.