@Melissa W had great points...also find someone who's familiar with the codes in your area...example - do they allow cast iron pipes to connect to PVC or other little things we may not think of at first but can cost $$$...I think its safe to say most of us (myself included) underestimate rehab or prep costs at first so def have someone go through with you...Talk to a local bank, they may give better rates (one we use allows 15% down) than larger banks for investing...also find out how its all set-up (residential, commercial) and how it may affect loan...My brother manages a very similar place with apartment/storefront...he turned basement space into storage units if looking for extra sources of income...

I learned a lot from all of you and this situation and ironically it's working out better now for everyone!!!

I have secured financing, not sure the exact amount yet, the details still have to be ironed out, but between 50-80k, with a low interest rate and the investor is very willing to be flexible.

Ironically, I get a call to put in a bid to do a full house renovation at this house.  

A great many assumptions are being made.That said, it does at first blush appear that he may have too many irons in the fire at one time, and since we have all seen this happen.

Being the first in our to graduate from college caused our credit to take a few bumps, but we are working on ironing those out.I like the idea of builing equity in order to trade up!

Love everything about it except the wrought iron spindles for the staircase.Other homes in the development have double spindles for each piece of iron.

It just didn't make sense to spend upwards of $20k to tear out all those cast iron radiators and install 4 new systems.

However, the plumbing is the original so whatever larger pipe works with the cast iron old plumbing is what I got.

I then used iron sulfate, sold here as Copperas which is a garden supplement.