If you subsequently purchased a property for 200k, would you count gains/losses against the 50k you now put in or against the 25k you started with as that’s what you’re actually out of pocket, depending on how you look at it.I hope I worded that clearly 

There is nothing that offsets the potential losses of running a business out of unpermitted, non-conforming residential construction.

Most of my Section 8 tenants left on a bad note and resulted in financial losses.

Or just take the loss and move on?

Mix FOOD color with tap waterb.

Profitable or a loss?

How will you fund the improvements and vacancy loss?

I did just close on a sub to that also matches my view of a ramp up into 2021 stressed owners due to covid job loss / stress selling their house to me 4 weeks ago sub to, my costs:  $2k to the seller 1.5k closing costs...

Just some food for thought as you're going through the motions :) it is absolutely negotiable, before you close the loan. 

Please don't do what many do, which is trying to avoid losing money by selling now only to have a bigger loss later.