In the revenue ruling, the co-owners employed an agent to manage the apartments on their behalf; the agent collected rents, paid property taxes, insurance premiums, repair and maintenance expenses, and provided the tenants with customary services, such as heat, air conditioning, trash removal, unattended parking, and maintenance of public areas.

I negotiated the financing, secured the permitting, worked through the regulatory process to get the conditional use permit, GC'd some repairs, and operate the company that is the tenant that pays the debt service, taxes, and maintenance.

Improve the condition through renovations.

; what's the condition of the properties; what's his timeline for selling; and what's the least amount he'd accept.

The biggest thing I learned was, I am an agent and in this situation, I could have explained early on what the sellers could net in the current condition and explained all the buyer pitfalls.

Shiny object syndrome holds back more investors than any market condition!

Or homes up for auction that no access to the inside was available where maybe someone snuck in a window to get a feel for the condition of the property.

If you are working in areas where you may commonly come across properties in this condition, work to build your network of professionals and personal understanding of redevelopment costs.

Another thing to consider - the condition of the home. 

That is great information to have and awesome to hear that you were able to find a place with some of those big ticket items in good condition!