Overall the building is in great shape, with the only major maintenance issue that I can see is that the roof looks at least half way through its life.It's listed for $49,500 but has been on the market over a year likely due to comps.

When I went to resale a year or two or three down the road, it's likely I'd need to do another major rehab, which is likely to cost more than the cash flow I've achieved in that time.

During construction they encountered a half a million dollar hickup because the earthwork contractor encountered major difficulties.

I have a busy, demanding job as a paralegal w/a major corporation and a very long commute.

Attorney fees and appraisal fees usually outpace tax savings unless several years of taxes on a major assessment are at stake.

Michael Woodward- I appreciate your insight and congrats on making progress towards delegating a majority of your business.

The other major issue with the property appears to be the foundation.

Get in the house and cut the main water pipe before the meter. call the water department and tell them they need to shut it off at the street.

Court documents, or a call to the bank's REO department might get you to the person/persons to speak with concerning your interest in purchasing the asset.You may be able to purchase the note prior to foreclosure, or purchase directly from the bank post foreclosure.I worked for a California bank back in the RTC days and handled their REO portfolio in AZ.

Now that the appraisal has come back 11k less than their asking price, it's taken 7 days, 6 phone calls and 4 emails from the selling agent to get the response "we've sent this request to the appropriate department".