to rent or not to rent

[Andy V.]

We bought a flip house last fall and did all the repairs through the winter. This is the Midwest so there is strong seasonal buying (unlike Arizona, etc.). We put the house up for sale this spring and have had only one offer! The obvious conclusion to jump to is that the price is too high. However, the house shows very well and the comps and the showings' feed back don't show the asking price is off the mark. The point is that while we just lowered the price again, we don't want to carry this house through the winter and wait till spring to start over. Its listed for $132,500. Does it make sense to do a land contract and rent it out? My partner put up the $$$ and I did all the upgrades. I can get a loan for 70% LTV, which is not enough to by out my partner. Does anyone have any suggestions for the right next move?