Asbestos may be present in textured paint and in patching compounds used on wall and ceiling joints.

But first you would deduct all of your expenses (estimate 40%), leaving you a Net Operating income (NOI) of $7,200.Then you would deduct your interest expense, which for 2020 would be $4,932, leaving you a PROFIT of $2,268.But the IRS have given us the magic of depreciation, the 9th wonder of the world right after compound interest, in my opinion. 

Compounding more coats without sanding smooth will compound the problem and make it worse. 

I have zero knowledge or experience as a wholesaler, so I will kindly bow out as to your strategy from here. 

Depending on your effective tax bracket, it could be less expensive to take it out over several years.Besides the tax hit you would take now, I would consider the lost opportunity of tax-deferred compounding on a significant sum.  

I know you can't get it in the forums, wish we could.Finance is an art and a science, the science is pretty easy, the art is difficult and being compliant practicing the art compounds the difficulty.

This at least puts a halt to the compounding interest and gives you a fixed rate.I also recommend living well below your means for years in order to save up the down payment and required buffer to do your first deal.

Graham,The only argument I would make against your math of getting a 24% return on cash over 6 years is this: If that were the case, I believe I can get a better return (compounding interest in mind) over 6 years using that 15K in RE.

I just used tape and joint compound on paneling on a old rental I have , It was 1 wall about 12 ft , I taped the seams and skim coated the paneling , it looks OK , I wasnt going for great , just Ok .

Sorry to hear about your troubles, compounded by the Holiday's makes it even worse!