I can easily add ducts since the ceilings and walls have been removed.

I feel the Roanoke area is a relatively invester saturated market but $80K can easily net you 4-6 small multi-family units.

Not to mention a bankruptcy case can easily drag out for 2-3 years with not payments to you are the note holder.

According to my agent, the place is just not marketed properly and should easily fill and generate $3000 a month.

Most of these situations can be solved relatively easily, though not quickly. 

I find this in a lot of my flips, and I am always just as excited as you when I find it.If you are looking at a house, and don't want to pull up their carpet, an easy way to check if there is wood flooring under the carpet is to try to find a floor register and see if you can remove the cover easily.

They will help you refine the process and keep things running smoothly.  40 units might sound like a lot, but it is completely and easily manageable for one person IF you run systems.

@Rob Soete get with a syndication attorney who can easily educate you on all of the documents you will need to run a successful syndication operation.

That's fine for them to do in a home they own, but not for a home you own.If you can't easily absorb the entire cost into your business budget, that's understandable. 

All of the rentals can easily be sold for what is owed on them.My strategy is not to pay off, but to let others pay off for me in rentals.There are, of course, myriad other ways to look at this.