You are totally wasting your time, and everyone else involved in this deal.Not only do you need EM, for a REO or any other half way informed seller/listing agent, you also have to show the Abitlity To Actually Buy The Property, in Your name, for your offer to even be looked at.  

The law DOES requires to "disclose knowledge of lead, warn and educate tenants" - but the risk of being sued remains, as it is impossible to remove it altogether.If a tenant does sue - despite the fact that we took all precautions and followed the law (disclosed, warned, educated) and the tenant agreed to sign a lease despite the possible risk involved which they were made aware of - I wonder what chances would they have to win, in case it occurs to them to sue?

What I lack, but am striving to gain, is the financial wisdom on how to structure the deal, so that's it's a good deal for all involved.

I'm looking for a painter for a small job (384 square foot apartment turnover) in Tacoma.

The only thing that I do have is an additional 1250+ square foot at more than $75 a square foot in profit when the renovation is completed.

However, you would then be selling your house, so there would be two sets of closing costs involved and you would have to figure out who all is paying them (the seller, you, the buyer, or a combination).

This situation just sounds like a recipe for disaster.Hold onto your money and find a local mentor who has experience (in years not months) investing in the type of real estate in which you want to be involved.

Be involved in the community.

Don't get caught up on price per square foot of a tear-down house.

That involved updating the kitchen with new cabinets, flooring, sink, appliances, made the living room / kitchen an open plan.