An additional benefit of purchasing an older building is providing an option for converting the building to a Single Family.  

In addition, you can always look to Lease Option a property FROM the owner, and Lease Option the same property to your Tenant Buyer.

Was really only looking for additional information that some of these senior landlords may have gathered throughout their years. 

ERGO you are in foreclosure in the first place.GFC meltdown saw values drop 20 to over 60% in certain markets  .. your 70% LTV loan was underwater right out of the gate.So to answer your questions.In General... you have a foreclsoureyour value is 10% less than it was when you made the loan.. reason flipper butchered the job ... and again depending on state it could take 1 to 3 years to actually foreclose and of course your not getting any payments.. so your interest is wiped out. your cost of doing the foreclosure again state specific.. and I have never met a defaulted borrower that paid the property tax's  ( and again state specific how bad this will be).. you have selling costs usually 8% and you normally have to spend money getting the home marketable I have never met a defaulted borrower who left a home in perfect shape.So you add 10% market devaluation  8% for sales costs.. 3% for foreclosure costs.. 2% for back taxforce placed insurance and utls.. and depending on the condition of the home 5 to 10% for rehab .. you can see how this eats into your 30%  .. then take states Like were i live and properly filed mechanics liens are super liens they jump ahead of your mortgage.. this can be thousands up to 100 thousands if your flipper totally screwed the subs. 

In addition to the podcast, blogs, and forums, I found the BP books to be super helpful and easy to digest: http://biggerpockets.com/books and there's also a free intro video course that has a lot of the same material as the Book on Rental Property Investing: https://www.biggerpockets.com/courses/a-beginners-introduction-to-real-estate-investing

He estimates to spend an additional $58k over the next 10 years for maintenance and capital improvements. 

Are you in need of a boost to help give you additional means to pay your car bill, education loans, credit card debt, etc.?

I invite you to please consider the following, from a Federal Income Tax Filing Perspective.

That being said for the size of house your talking about it seems high.As a contractor, when i see stucco that has enough damage that needs sand blasted off i would suspect additional problems.  

I filed for an eviction on him because 1. he was local, 2. it's cheap to do in my county, 3. since the notice was going to the last known address (my rental) he wouldn't respond to it anyway and I'd get the judgment without going in front of a court and 4. the judgment would remain on his credit history for the next 7 years.Ironically about a year later this guy shows up in the hospital with newly diagnosed diabetes.