His experience has led him to the conclusion you need to get $1000 per month(sfh) in order to cover expenses and still make a profit.

Long story short I've come to the conclusion (like many others no doubt) that a mentor is likely the best course of action for me. 

PMI would absolutely be included but if it saves the customer 5% on a down payment of a home that is undervalued do to work needed to be done I think that's great.The customer does have 10% of her own funds and I'm not familiar enough with commercial loans to comment but I know you're on top of things so I would trust your judgment.In conclusion my institution has no overlays so when I quote guides it's directly from Fannie, Freddie, FHA, USDA or VA unless it's my portfolio division.

I have been told that many are loaning in the 8 to 10% range with payments for interest being made at the conclusion of the loan.

When we factor in all the horror stories we have either experienced ourselves or heard of second hand, its easy to jump yo conclusions.

Thanks Steven,I came to the same conclusion.

So in conclusion, I'd say that this situation is a soup sandwich already and that you need to try to get your money back (Good luck with that, it's probably been spent already) and move on to find a guy to do the work correctly... and who knows what he's actually doing and isn't guessing.

My conclusion is that in most cases, demo by hand is actually a pretty cost effective way to do things... it also allows better opportunities to salvage and recycle the metal in the house.

So yes some value there.My conclusion was that 90% of the people will never do anything. 5% will go out and make some great deals the other 5 will trundle along..

I might be wrong but that's a logical conclusion. cant have both ...you either hire the guy as an employee and PAY him as employee AND deduct/pay all related expenses accordingly or you hire him as a independent contractor (hoping he has some kind of insurance that will pay if he gets injured), issue 1099 and pay him lump sum for the job done ...