@Richie ThomasThinking through this after what you mentioned I think the owner is scared to sell it outright because he would be in hot water due to the condition and the tenants are likely not safe to what the county would expect.

Estimate.Tenants pay for water, electric and gas.Loan for full price 30 years at 4.125%

And the equally fatal opposite is jumping in without knowing how deep the water might be.

A new water heater? 

At 6:45 run to town to rent a Ditch Witch to put in water and electric lines. 

Your down payment is going to be 25%, but your rate should be 5% or less)Length of Mortgage in years 30Monthly Mortgage payment $684.45 Taxes $125.00 Sewer and Water $- (How are you going to split this bill to the tenants?  

There are sealers you can purchase that will fill them in to protect from water and ice damage which can make those cracks larger during winter months.

. - it's all very rough waters for a new investor. 

Behind the white mesh is wood and I don't want water to damage the area over time. 

I have a binder in each rental with contact info and all of the pamphlets that came with the appliances and smoke detectors, in addition with directions with pictures on how to change the furnace filter and how to shut off the water to the entire house in case of water emergency.