the "unregistered unit" comment bothers me - - the City could be baiting you and then hit you with fees and non-compliance issues. 

The landlord came to me to see if I wanted to purchase the property because he has some health issues and wants to sell off.

Joseph DiRocco Basement and above ground tanks don't have the same issues as in ground tanks.

In my opinion investors need to have a good understanding on maintenance and repair issues, as well as what it takes to handle improvements. 

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The only issue is that most hard money lenders I talk to won't fund a house for less than 100k.

If there are already discussions on this could you please post a link below.

Your IRA would get a deposit each month until you are cashed out and you won't have any management issues--those fall to the owner/landlord.

A lot of times, early investors think they have enough cash to squeeze out a deal and then run into liquidity issues.