Definitely sounds like he may have gotten into a deal that is out of his depth, if he got a no money down deal and didn't have the financial backing to payback 10k in taxes and repairs.

From reading many other threads, I understand the Do Not Call list does not apply as I am trying to buy something from them, and  that topic has been covered in some depth in other threads.

It really depends on the integrity and depth of the friendship. 

Without an in-depth knowledge of how real estate financing works, it’s best to consult with another experienced colleague in real estate regarding various alternatives.

We are looking for contacts that do a really in depth inspection and provide great feedback on each property they look at.

My comments here are more in depth than my usual postings of get insurance and manage well. 

I just did my first flip in Cameron Park, CA and am about to post the in depth numbers and pictures tonight.

This article about hard money also talks in depth about the 70% rule.hard money and the 70% ruleFrom the article, the 70% rule assumes 10% of ARV for soft costs and 20% of ARV for profit.

In our case the contract was written like a retail transaction except we had waived the inspection and their was no wording about due diligence (I found out now...lesson #1, read the contract in depth).

I hope BP appreciates the depth of your knowledge.My biggest take away from our talks has been how nuanced purchasing a MHP is compared to other, more traditional, forms of REI.