How much are you willing to spend on new carpet, window seals, new hardwood, dry wall to avoid replacing the forced air system?

Whether flipping or buy and hold, the deals are drying up for everyone it seems. 

The existence of a dry cleaner business on the property will likely throw up a red flag. 

Regardless of that, I really don't see what the confusion stemmed from if you put a deposit down on your new place to move-in and got a copy of your new lease in writing.

I'd say there's great opportunities in every market however if you're not educated on how to play at this point in the cycle you should sit on your dry powder for a while.There's a lot of dumb money in the market that will get transferred in the next correction. :)

Contracts are pretty cut-and-dry and easy to follow, especially for an attorney.

Our immersion in the details of crises that have arisen over the past eight centuries and in data on them has led us to conclude that the most commonly repeated and most expensive investment advice ever given in the boom just before a financial crisis stems from the perception that 'this time is different.'

The combination of cash flow and appreciation is just too sweet.Even the middle segement 300k to 400k is dry.

Partial rent to "compensate" for the sewer issue is not an optionThat's your angle...As soon as threats of lawsuits fly, then hire a lawyer and let them do their job...no more contact with them except through the lawyer.You aren't going to WIN this situation...best you can do it stem the $$ damage and move on...fix it and sell it off..... lesson learned

But when I say full gut and rehab I'm talking: taring everything down to the studs, updating plumbing and electrical throughout, probably upgrading the panel, adding duct work for heating and cooling, new mechanicals (boiler, A/C, etc) , hardwood floors, new kitchen, new dry wall and insulation, paint, finish work, etc.