My thought is to buy the house for $40k or so, partner with the seller (he drew up a very detailed scope of work that totals about $50k in repairs but I feel there is still room for negotiation in his number).

See Lonnie Scruggs' site for all the details

I generally just throw in the details for a couple buildings and see if they work out.

That is a nice list to find sellers but it lacks detail.

Find out what's available and the details (this also helps you determine rents.)

Thanks for the posts, I've created a thread with a bit more details on the Geneva Situation : http://www.biggerpockets.com/forums/12/topics/83728

You won't get a lot of details but you will get a lot of good ideas and I think as a first read you can't get much better.

Frank Gallinelli I appreciate your detailed response.

My friend has told me that they're starting to get pretty nervous about holding onto the property, and I contacted one of the partners (it's a husband and wife team) earlier this week about interest in the property.I don't have any details yet other than it's a 2 bed 2 bath unit in an area that I have scouted and like I don't know yet what the asking price is.

The Trump name represents quality, attention to detail and value.