Great questions to consider Alan - thanks.
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there is one good domain pointing to it - that of the original business
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no bad links that I know of - in fact there is probably only one link pointing to this site - that of the original business
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I suspect the domain was abandoned simply due to human error - they simply forgot to renew the domain and more to the point perhaps at one point they were going to open up a business unit focused on web design/marketing and probably used their main site as a test case.
I've heard the same thing about how Google treats abandoned domains so I was just curious what the response was. Basically for about $15 (the cost to register the domain name) I could get a link of some value.
I really have no idea what the answer is on the question - I've never done anything like this and I have no idea if I should be... The onsite stuff I feel pretty comfortable with as it meshes a little more with my own wheelhouse, but the offsite efforts are still pretty elusive in my own mind.
Thanks again for the good insights.