House for $220k and a balance of $204k, plus the $5k the son wants. 

(Sorry if I am off, but you get the idea.)The question you should be asking yourself and a Real Estate Professional are all the same questions? 

I'm a condo expert across the bay, and a partner agent with Highrises.com.

To me, good credit and a background check is so that I don't have to charge you full rent up front.

where could i find a demolition list ( list of buildings and houses due to be torn down) and a list of abandoned houses for the city of Portsmouth, VA? 

and a big one, will your insurance provider cover a claim like a kitchen fire if the kitchen was being used for a commercial purpose?

These are professionals with additional training and a stricter code of ethics.

Nikfirst and foremost you should know the zoning codes  and what is allowed in the base zone without conditional use permits IE permitted uses.. this should take you all of 5 minutes to figure out.as developers we know the base ... we then make the offer with Due Diligence.. no one has it worked out before they make an offer.. unless its off market and they been hunting it for a while.. all land or development deals come with due diligence time.most sellers these days though want POF and a brief description of your ability to execute.and depending on the size of the deal you will need 25 to 100k in cash for EM and prelim work.its common to lose money on due diligence. 

At 50 lots its just too big for a part time manager and a full time salary drives up OpEx at least to the 35% range.  

@Corey Walz In terms of proof of funds and liquidity you need to find someone to be a KP on your deal which comes with a price of course and a piece of equity in a deal that you two would negotiate.