Also some states have right of way easements if you have been using a certain part of land for a certain period of time.

What if Warren Buffet never made his first investment in 1961 when the 1960s the United States experienced its longest uninterrupted period of economic expansion in history.  

No, but there is a 120 day redemption period the IRS has that you should wait out prior to doing any rehab etc.  

Once you know your worst case and it still makes scene, tell DH - don't worry darling, I got it :) Oh, and you can almost always extend inspection period if you need too.

@Kevin OBrien I'll add that you'll have two primary options for financing a ~50% vacant property.1) You can still get bank financing at ~4.5% for the renovation and lease up period.

.** Purchase & Rehab **Purchase Price: $117,000 ($106/sq.ft.)After Repair Value: $165,000Purchase Costs: $585Rehab Costs: $11,286 (75% Financed)Down Payment: $32,072Total Cash Needed: $32,657** Financing (Purchase) **Loan Type: AmortizingLoan Amount: $96,215Loan to Cost (LTC): 75%Loan to Value (LTV): 58.3%Loan Term: 30 YearsInterest Rate: 5%Monthly Payment: $517** Holding Costs **Holding Period: 2 MonthsLoan Payments: $1,033Recurring Costs: $414Total Holding Costs: $1,447 ($724/month)** Refinance **Refinance Loan Amount: $123,750Refinance Costs: -$4,950Purchase Loan Repayment: -$95,983Holding Costs: -$1,447Refinance Cash Out: $21,370Invested Cash: $32,657Refinance Cash Out: -$21,370Total Cash Invested: $11,286** Financing (Refinance) **Loan Type: AmortizingLoan Amount: $123,750Loan to Value (LTV): 75%Loan Term: 30 YearsInterest Rate: 4%Monthly Payment: $591** Cash Flow (Monthly) **Rent: $1,200Other Income: $75Vacancy: -$60 (5%)Expenses: -$255 (21%)NOI: $960Loan Payments: -$591Cash Flow: $369** Returns & Ratios (Year 1) **Cap Rate (Purchase Price): 9.8%Cap Rate (Market Value): 7%Cash on Cash Return: 39.3%Return on Equity: 9.2%Return on Investment: 277.6%Internal Rate of Return: 277.6%Rent to Value: 1%Gross Rent Multiplier: 8.13Equity Multiple: 3.78Break Even Ratio: 70.5%Debt Coverage Ratio: 1.62Debt Yield: 9.3%

Our plan is:1. transfer property via quitclaim deed2. clean up property and address minor property issues3. appraisal/cash out refi4. hire a property manager to manage the propertyI've read of a seasoning period, but is there a way around this?

You're responsible for paying cash upfront for the deposit and then you have a period of time to pay the balance.

@Bill Haldenby find a great housekeeper to do your turns at a volume discount if you lower the minimum rental period to that level.

Now that the market has stabilized, the owners voted to raise the HOA fees for a period of time in order to do the necessary maintenance that was neglected.