So it cost you a few hundred bucks to move forward with confidence – then you start making money.Best Case SituationYou uncover some real warts on this frog.

This time is spent uncovering what we can about the seller.They are motivated but what is motivating them to sell, once we get to the true motivation we try to structure a deal that gets a fair price (for them and us) and solves the problem we can then capitalize on their motivation. 

There is going to be much more information uncovered as you dig in.

If the tenant doesn't give you any problems, and her only flaw is the late payment, then maybe you can talk with he or she about it.

I have found two major flaws in my original plan of just renting this house out and making do with what it generates. 1) the ROI for this property isn’t high enough.

The thing that they all have in common is that they started as and have always primarily been a way to hide flaws in the finishing of a ceiling.

We mostly want it to pay for itself and hopefully make a small profit until we can retire and use it as a summer retirement home.As far as income and vacancy projections, a quick internet search uncovered 2 other similar cottages nearby with availability calendars and price rates for the next year.

What questions can we ask them to uncover any red flags?

What questions can we ask them to uncover any red flags?

Many appraisers are loathe to materially change an appraisal as that calls into question all the other appraisals they've done...You can try 2 things:Have conversations with the lenders about the appraisals and why you think they're flawed.