Evaluate Property ConditionOlder Chicago buildings often have charm—but may come with hidden costs.

We network with other fix & flippers teaching them how to properly structure a seller financed note so that it has value on the secondary market, we then buy a partial from them to take out most, if not all, of their cost basis so they can recapitalize and go do another deal. 

.- Expected renovation costs $1MM.

Quote from @Quan Pham: I'll give you the easy answer: sell.If you were fired up about owning an investment, I would recommend keeping the house as a rental.

One of the first deals I had (multi in an up and coming area) my buyer was paying cash and the deal was solid.  

Hard money typically refers to a company that has it's own underwriting guidelines, rates (9% - 15%), costs, draw process ect.

The challenge with unsafe areas is (1) potentially higher cost of maintenance such as broken windows, etc. and (2) this is by no means meant to be discriminatory but anecdotally from people I've spoken to the challenging tenants tend to be at the lower price points.

I am sure there is a cost to change the title after the loan closes + paper work.

Sometimes the trailers I buy do still have titles on them, in which case we either have the seller cancel the title with the DMV before we close, or we have them sign the title into our name, and then we cancel the title ourselves.

I was able to qualify for about $95k in 0% business credit cards (for 12 months), I then liquidated the cash and used a portion of that to obtain the hard money loan that covered the balance of the purchase cost.