House was in fairly bad shape, but I'm upgrading it to rent to the 20-30's age group that are move into this n'hood in droves to be close to nearby employment centers & surrounding nightlife.

This is another reason I like partnering because you can have them manage instead.Anyway, your ahead of the game at your age and I hope to hear about the completion your first deal.

I feel at my age it would the make the most sence for me in real estate.

Expect to have some special assessments every once in a while with a building this age - not for new roof etc which is foreseen but things like changes to code (i.e. retro-fitting to add sprinklers in every unit) and things like that.

LLC is fine but they still usually want a recourse loan or personal guarantee.If they don't ask for that then you are paying for it somewhere in a higher rate or terms etc.For insurance you can use a Fire/Dwelling policy which is much cheaper than a commercial policy.Some of the best insurers depending on age of the building will not write the policy.You have to know how you want to set up going in and the costs involved and offer your purchase price based on that.I don't hold in my name.

It's a constant grind, and I can probably say if I go at this pace, I will look like 60 at age 40.

I'd take Option 2 at my current age and hire someone to oversee the projects.

The age of the building in the tax record should have given a clue as to possible problems including asbestos.It's a given on apartment buildings of a certain age of things to watch out for.In many states buying at the court house steps is what you see is what you get.In Georgia they are all cash sales held every first Tuesday of the month.These type of properties I would buy in pre-foreclosure or foreclosure with a due diligence period.Asbestos can be very expensive to remediate.If the asbestos hasn't started flaking off or breaking and it's sealed it is usually okay.It's when it starts breaking down and going airborne that you have problems.Usually on the older buildings you need to take it out.Really for the most part apartments of a certain vintage age are torn down because of all the problems that accumulate over time.Building codes change allowing a higher density on the land and the old building is torn down.Now that your mom has bought this property she needs to figure out it's highest and best use which may or may not be what it currently is.

Buyers should know what sorts of things may show up during inspection based on the age and condition of the home.

Assuming it is residential, it depends on the age of home, rehab costs, and days on market for the area.