The current owner is not the power in this transaction; I doubt very much that he is getting a plethora of offers-you are very likely the only guy/gal on his horizon. 

You learn about different cultures, why one ethnicity doesn’t get along with another, accounting, political issues that effect real estate, social ills that effect people’s purchasing power, etc etc etc .

I have always been of the mind that knowledge is power so I try to absorb as much of it from as many different sources as possible, and since experience is the best teacher those of you who have been in this field already have likely seen many potential issues I may come across.I look forward to connecting, chatting, and possibly meeting some of you. 

Being licensed gives you the all powerful MLS and brings accoutability/credibility with it. 

I'd hit it with a power washer and , paint the rest of the ouse in a complimentary color.

I actually have a power sheet with each hood in its own column.

"The 48 Laws of Power" Robert GreeneI hope this was helpful.  

While it takes some power away from the aldermen they'll  still have enough to get done what they want. 

If your confident you’ll always have properties available to pay off the LOC with, it can be a powerful tool that can allow you to expand rapidly, just stay cognizant of your leverage.

Answer these questions first.Here're a few articles to help you with the direction.https://www.biggerpockets.com/member-blogs/10850/84064-what-type-of-investor-to-be-when-i-grow-up-active-or-passivhttps://www.biggerpockets.com/member-blogs/10850/77215-the-power-of-passive-real-estate-investing2) Once you have the answer to #1 above, then look into various options: SFH, MFH (commercial vs residential), offices, storage, and etc... look at many assets and see which one based on your research resonates with you the most and makes sense.