If its the latter I would run as fast as you can unless you believe you could immediately sell all of the homes to the tenants and charge $200 per lot for lot rent only.  

(not so fast!) 

We used to find all local advisors when we first started and then realized in today's fast paced highly tech world we never were going to their office anyway so there was no need to stay local.

And cold weather season is fast approaching.

For the last maybe 10 years, they've been going hard after tipped servers, bartenders, etc because they found them to be cheating big time on reporting tips and now they see with the "flipping boom" that MANY operators are playing fast and loose with things.

The prices of real estate go up so fast here...To give you an example...A lot of podcasts talk about NC or OH...

Recognize that buying and holding RE is not going to provide the cash flow very fast to buy more properties, it may subsidize savings with other savings.There will be a point where leveraging purchases will be more beneficial, using a loan to some extent, it might be at 50% of the price, it might be 70%, depends on the price, the market and the expected rents.

Can't a mitigation be done to become okay with buying this property or is the rule pretty hard and fast????

But I am a super fast painter so I am probably cheeper in the long run than a painter who I would have to hire at $200 a day.

Good price + Not much repairs + Sell at ARV fast = Great deal 2 me!!