I think lending is loose -- what about all those "second homes" that are just accross the county line and "ride by appraisals" are the norm.

If you can not stand to loose some money you should not be geting into building spec homes. 4) As you seem to have no track record it will be tough to figure the total cost of a project... hence you will not know what your profit margin would be and what your downside could be if the market turned on you.The beaty of flipping is that once the place is renovated you can rent or sell.

I then did the rehab myself, working nearly every day in January, including weekends to get the property ready to rent.I use the term rehab fairly loosely in this case, because the rehab consisted of interior paint throughout, new carpet, fixing some plaster walls, new appliances, some minor DIY plumbing and electrical, and basica cleaning.

Always loose ends to tie up.

Is this an area where an LLC would have offered some protections as far as how much he can loose?

We can not afford to loose money so must be careful and love getting advice.

Many loose their home because they can't truly afford the mortgage note on a hard money lender.If you would be in a position to refinance your home within 3 month from a hard money lender - then I say you have an option.Rest assured that if you miss a payment they are not as cooperative as a conventional lender - 25% of equity in it - and an investor mentality...lol you better suck salt to make those payments LOL.

You can loose your shirt and loose it VERY quick.

For the price of garage in the US nothing to loose and everything to GAIN ??

I'd tell them know that the property is a serious problem and I'll probably loose money trying to do clear up the title, but if it doesn't cost me too much, I'm willing to give it a try.