Do they understand what your goals are and do they have a plan to make them come to fruition?

Sounds like a good deal with solid upside @Ben Leybovich and @Garison Clemens.Re the 50k, I understand how the inspector and the PM feel about it, but if you are getting a good deal there and want to keep you name clean from been re trader then perhaps just raise the 50k.

I understand that you can include the assignment fee in the principle price in a contract but when can a profitable buy high assignment fee be a problem for a seller or end buyer?

I've gotten bids from piering companies for other properties in the area and feel like I have a reasonable understanding of what average and worst case scenario costs look like, etc. 

(Before the auction)Location: Bayou City Event Center 9401 Knight Road, Houston, TX 77045The Harris County Engineering Department and City of Houston Floodplain Management Office will be offering a short presentation to assist bidders in understanding potential issues with sites located within the floodplain.If you are unsure of the potential challenges that go along with purchasing property in the floodplain, come to this informative session to get answers.The presentation will be followed by a Question and Answer period.Topics include: How to Determine the Floodplain Status of a PropertyWhat Jurisdiction the Property Lies WithinFloodplain Management Rules for Unincorporated Harris County

There is nothing wrong with taking even extreme risk - as long as you understand the risks you are taking. 

I can tell you broadly that a lot of cash buyers avoid roof and foundation issues due to the cost and that they favor properties that require basic cosmetic repairs.

I am not an accountant, I probably need one, I just want to understand a few things a little better.Also, I couldn't find a forum for Accounting, this may be misplaced but it felt like the best fit.

From my understanding of this property, it is pretty turn key: 100% occupancy, near market rents, with the only value add potential being water bill back. 

@Vince Lucas oh I understand.