(I had additional carrying costs from a HELOC, which meant I walked with around $45,000) What made you interested in investing in this type of deal?

Quote from @Carrie Matuga: @Joseph Fenner I love your goal and how high you've set the bar.

This project carried with it a estimated $97,000 rehab estimate as well; another huge cost.

Imagine trying to ask an owner permission to add on hot tub or high cost item just so you can compete.

(I had additional carrying costs from a HELOC, which meant I walked with around $45,000).Aquisition:We found this deal on a wholesalers website who we keep an eye on.

Look at thrift stores and second hand items for some thing-get sturdy things in good condition. 

You would have depreciation recapture on the items you depreciated (75k), taxed at ordinary income rates and then any of the actual property appreciation would be taxed at favorable capital gains rates (50k). 1031 exchange will allow you to defer all of that gain as long as you meet conditions.

Major items include clearing overgrown shrubbery, replacing doors, fixing up the deck, getting a pond running again, and removing an in-ground hot tub.

What action items were you helped with? 

I also carry $1M of insurance to protect in these instances as well.