Deal or No Deal?

[Matt Gill]

This would be my first investment property. Here is the quick rundown; Renters beat it up a little bit (roughly 20k in repairs that I will do myself), mostly cosmetic and then quit paying their bills so the owners decided to stop paying on the 150k they owed. I suggested short sale and the ss price was set at 120k. I offered 90k, bank countered at 110k, I again countered to 95k and they accepted. It is zoned commercial/residential and I wanted to move my small business and a few business tenants there to pay rent.

The financing was shut down in underwriting due to the fact it is commercial so my father has agreed to loan me the money through his heloc contingent that I pay his loan and finance once my repairs are finished.

ARV=200k
Repairs=20k
Price=95k
Rents=1600
HELOC Loan Pmt= 1000

Sorry for the long explanation but beings that it is my first deal I am a little nervous and I am supposed to bring the money in tomorrow. So how does this look? Thanks in advance.

Matt