It is a difficult battle because of where the "precious owner" lives.Technically, it isn't my issue but I like to maintain bank relationships.In your opinion what steps would you take?

For a newbie who has no idea how to vet, buy, staff, maintain, or dispose of a commercial property syndication provides an opportunity to invest in those properties.   

Some older condo buildings are exceptionally maintained, while other newer ones look a lot older than they are.Take a look a comparable properties and see where they're selling.

@Marx Delices I would take your repairs up to maybe 5-10% especially considering its 4 units although I saw the note about it being well maintained.

Also does anyone periodically check to make sure tenants are maintaining their policy?

While maintaining legal protection on the funds I put into the rehab?

Our intention is to rehab it and rent it.We offered $160,000 with 20% down, the house appraised for $165,000.We own a similar size house in the area and rent it for $1800 a month and anticipate similar rentals on this one.I think much of the foundation issue can be resolved bye replacing the gutters and maintaining them keeping the water away from the foundation.I’m nervous about the deal and Wonder if anybody has any thoughts or feedback on it

But honestly worry more about getting a rent check monthly and keep a properly maintained property and the rest is just fluff. 

The seller's business has been operating there for a while and she is leaving, but I'd like to maintain the front unit for business use. 

Just need to maintain adequate reserves.