Run screaming......If there are / were multiple leaks you have to assume the entire roof needs to be ripped off and reshingled.

Hi JayIn my experience I can tell you this scenario screams 203k and that the seller needs to be educated on the loan options available.

Fair warning that this is a long story.  I'm also relatively new to my PM role so any feedback on how this could have been handled better in the future and how to proceed with this situation would be beyond helpful.So...

If I couls scream it at the top of my lungs in your righr ear , I would .  

We got a screaming deal on the house and this whole area is an extremely hot market. 

Even if he got a screaming deal and bought the property and rehabed it for $1M, the mortgage alone is ~$5,000 per month. 

And given your life to date I doubt if moving every once in a while just to take profit tax free is too big of a hardship.Pay cash for your primary and then put a no cost heloc on it from one of the big banks.  80% at prime or a little less with no costs is a screaming deal now. 

It gets beat to bloody hell.

There are a lot of people on these forums that scream about positive cash flow.

But for raw land that is going to take all this work and effort to even see that it works there simply is not a lot of value in what you bring unless the price is a SCREAMING deal and for some reason locals don't have it on their radar ( which is not likely in a market that is robust)