The reason I ask is that if you sold the units you could potential afford the initial costs if you can obtain 80% LTV (but it would be tight).Sell units: $330K value - $30K (cost to sell including agent and prep) = $300K

Then I would make sure the house is-1. water tight - fix the roof2. all working parts are still working ( water heater, furnance, ect) and no exposed outlets or wires3. broken windows4. tight doors5. no flaking paint exterior or interior6. flooring - safe to walk on7. fix or remove rickety outbuildings8. pleasing to the eye from the outside ( well trimmed shrub & trees)This is what I learned on my first buy and it just cost me 3 returns of the appraiser to get it right.

Also, after the price is lowered I would ask agent to put a deadline for all offers, let's say 2 weeks after the price is lowered.

Part of the college education is how to get along with people who are different from you, have different values and lifestyles, work under pressure and deadlines, be responsible to show up, do the work, turn it in on time, personal responsibility. 

Most markets in Chicago are a bit tight right now as this seller's market keeps driving up prices.

I understand smaller companies can run a little tight, and in those cases I’ve paid for materials upfront to reduce the risk for everyone.

All before the 12/21 deadline.  

The only strategy I have seen so far, and I forget who provided it, was to try and clear as much debt as possible on single family homes and pre-qualify for HELOCs of other lines of credit to be able to start buying at the downside of the cycle.One person mentioned in a facebook group I am in, essentially, "don't worry about it, just hold everything tight and wait it out, it will correct itself."

We are holding $30,000 in escrow against any damages and have a hard 30 days deadline for him.Our exit strategy would be to put new appliances and clean up and put it right back on the market for $235-$240k.The seller found out about us through referral from another seller we had marketed to.You never know where your deal would come from. 

@Natasha Richardson - This is the area I personally cover in Chicago for 2-4 units and $250k would be a tight budget for a condo.