Also it would help if you had an agent to give you comps or tell you what the property is worth (you will have to give them something of value in return like maybe retail leads).

I used to enter into pre-construction purchase contracts for SFR by putting $3K down, wait 3-6 months for them to build the house, close the deal with $10K out of pocket cash, turn around and sell the house at the then current retail market place.  

I dont need to talk to the retail remodelers, I need the good ole boys that get stuff done at the right price.All the best

I too am working on my business plan and hope to have it posted for review online before July 29.My belief is that you cannot buy at full retail price and make returns in line with the risk in SFH rentals.  

To sell it on the retail market I would have to spend another $5K+ for paint, carpet and repairs.

If he stops making payments, he will likely have passed before the bank gets too excited and eventually they will take the property.If he puts the property on the market to sell at retail, any profits will be eaten up in costs and he will be homeless.My thought is to suggest that he sell it to me subject to, I will then let him stay in the property until his passing at no cost to him.  

Also said all the windows were recently replaced.Doing all that work (and some less extensive stuff as well) retail probably cost them at least $50K.  

Obviously it is a pretty rough area, but I'm wondering with the retail that they are bringing in is a sign of them cleaning up the neighborhood.

It sounds like your doing a retail flip as most investors would not want a pool for liability reasons. 

It is a small resort property (3 cabins and a retail component) in a very popular vacation destination in my home State, Minnesota.