@Isaac Plumb, @Eric La Pratt hit the nail on the head, that "advice" you are getting from your agent and lender has their best interest involved and not yours.

" - knocking on their door :D because i've been watching the property and got all this information on it ahead of time i go in and nail the deal down with a 40k down, lease option for one year and close the deal for .35 on the dollarsweet...initiate an improvement overhaul, increase rents, own it for 2 years, and 1031 into a 150 unit apt complex!

I'm buying as-is, and selling as-is, not putting a dime into the property, and making $30K on a net $87K (plus closing costs) investment.When all you have is a hammer, everything looks like a nail.  

It looks like you have your numbers well broken out, just need to get a contractor to help nail down what the repairs would be. 

Mindy and Micheal hit the nail on the head.

J Scott nailed it.

@Dmitriy Fomichenko hit the nail on the head recommending the podcasts.  

You might also find or create lists of properties belonging to people who have inherited them in the last several years and do not occupy them, especially out of state owners.As always, lots of people post their intentions on these forums but few actually go to the point of taking any meaningful, sustained action like creating a list and nailing letters.

When the rely on you to buy, after your contingencies have passed they can nail you for specific performance and damages.A little tid bit the wholesale gurus leave out. :)

I think Kristine Marie Poe nailed it for me.