Finally, I can tell you from experience, a month or two of vacancy is much less expensive and painful than a year or two or five with a terrible tenant.

That's a terrible reform for investors if that is the case.  

@Brian Garrett It's true that the delayed financing exception isn't terribly helpful for projects where the purchase price is substantially less than the rehab budget. 

I've been reading Rich Dad, Poor Dad again and noticing how the parts about missing opportunities have been jumping out at me.We have terrible credit because of our business.

No matter what they do I'm sure it will look terrible. 

Sure the crack in the porch looks terrible but if it has stopped moving and is safe, perhaps you could use the property for 50 years and have no problems with it.

@Kimber Lockhart that area isn’t terrible, but it isn’t great either.

the mold and mildew in there is terrible- hence I got a good deal on the place :) .

Not having a permit for the renovations could potentially be problematic when you try to get it insured and if you get a really terrible tenant who is trying to avoid eviction they could say they're withholding rent because you're not in compliance with city code.

@Phillip KimGetting a great loan product won't necessarily help you save a terrible deal.