Our plan is to sub-meter to save on those utilities. 

Find a distressed Chase Bank...buy it...fix it up and landlord it.....receive all money coming in from customers but don't pay any thing out if they decide they want to make withdrawals from their own accounts.  

Use insurance not business entities.You may qualify as a sub-S tax selection with an LLC, but your K-1 will be the same as if you didn't have the LLC, the advantage is more to justifications for business expenses that may be harder to take as an individual.

Tiled out walk in showers, huge custom walk in closet, kitchen backsplashes, and a lot more. 

In many parts of town we are extremely low on inventory in the sub $250k range, so even if lay offs happen it will take some time for the market to even up.

Pair quality work with quality and personal customer experience and you have a recipe for success.

Using the round peg that fits this round hole is a Sub-To, below Brian's post where he has "Paperwork" tell the attorney it's a Sub-To to you at your buy price, then pick up at Brian's list again and you lease-option at market value with the option being subject to title requirements (the payoff of the underlying mortgage).See, I'm not opposed to making more money, just sell this distressed property to your buyer at market value!   

@Rodney Kuhl The whole point of buying sub-to is to NOT have to get your own financing.

:If the hardwood floors are that stained and saturated, you will be removing not only the finish floor, but likely the subfloor and maybe any drywall on the ceiling below.That's the issue and the secret to hardwood floors, the cat urine isn't just soaked into the wood, it's under the wood if the house is new enough to have a sub-floor under the hard wood.

If you take this property sub to then you are inheriting that overvalued mortgage payment.