Need advice on a potential wholesale/rehab

[Michael Linquist]

Tomorrow I'm going to do a walkthrough on a 2,200 sq foot wood frame home in the Bradenton, FL area. The ARV after comps for the property comes out to at least 200,000 and the owner is willing to sell for 80-90k based on all the repairs that are needed. The thing that concerns me though is the owner stated, "This house may have to be leveled and a new house be built because it needs so many repairs".

So my question is, when I do a walkthrough tomorrow, What specific repairs/cracks/molds should I keep my eyes peeled for. I need to know the "deal breaker" repairs to look for!  Let me mention that the house was built in 1926 and is a wood frame house ( I think that means I need to look for termite damage[how do I do that] and/or foundation issues[how do I do that] ).

[Manolo D.]

Keep everything at site, have one gc walk it then two more to solicit bids. have them itemize it room by room and item by item on the bid, have it written down what needs to be done per room, so when you draft contract, you can control,those costs if you need to expunge them. have termite guys come in and give quote, as well as foundation company. three bids at least is key.