Disclosure: I mainly have commercial office/retail so I don’t know what I’m talking about.1920s house probably heats via radiators and doesn’t have AC.

However you better be sure you have extra disclosures.

Once you start escrow with a buyer, who’s using a loan and/or a Realtor®, then you start getting into disclosures, contingencies, appraisal, inspection, and termite reports, and making sure your buyer and the property meet the lender’s guidelines, and ultimately close on time.

@T Sanch It’s great that you are researching REI before jumping in.Full disclosure I love BP but I am from Fortune Builders.In my experience and from my education,we flip for cash flip for cash than buy rentals.Also you can actually spend less on the rehab if your doing a rental than trying to get top dollar from a flip.The mechanicals should be good but the finishes could be less.I just completed a rehab with a $55k PP$30k rehab that I planned to sell for 125,000.My agent suggested we list for $139 and we got an offer for $146 first day.So 21k over what I thought,how much rent would it take to make that up?

There are disclosures that we always have to let others know.

(fair market price, honest representation of the property, full disclosure, honest projection of cash flow, etc)I spent the last few weeks searching for some positive, but did not find any verifiable case.

Full disclosure, I invest in Iowa and the Mid-West in general as I have been priced out of the resort mountain communities as well. 

From this experience, I will learn firsthand about contracts, negotiations, inspections, disclosures, management, etc.

I'm sure, his company has signed all kinds of "non-disclosure" agreements.

It should be full disclosure, so ask for the details and find out what's going on.