Hello Folks Heres the deal (no pun intended) i'm a realtor and every once a while a client walks into the office and is a tenant and their landlord has abandon the property. in this particular situation the landlord who left the property isn't the owner but his son the actual owner has passed away, so my client who walked in says shes has been having a hard time with the son who hasn't done much to up keep the property and has just been taking the rent till one day he decides to up and leave. so now shes looking for a new place to rent but now the same time this 3 family home sits vacant shes the only tenant till she finds a place.  

Please do not put too much (any) weight into this analysis.

Option 1 -- Idea for this property - complete $5k worth of concrete work (necessary in the next year) then place on the market for sale - take equity and invest in other properties - more than likely will receive appx $100k cash after realtor commission and before capital gains tax if sold for $190KOption 2 - which I am pursuing and believe I can make happen - is open up a commercial Line of Credit for $75-85k (depends on appraisals by bank I'm working with)Also open up a line of credit for $25-30k (depends on appraisals) on my personal residence giving me appx $100k to work with as wellUse Lines of credit to either purchase properties below that require below $100k invested then refinance etc, or use lines of credit in conjunction with Portfolio lender I've used to purchase a project up to $300k or so (multi family, commercial etc)********************************************I also am 1/3 partner on another single family house that we redeemed last year, have just below $100k in with $58k owed on it, P&I pmt of $485 rents of $1495/moFor the most part completely reno'd this house so maintenance/upkeep costs should be very low - HVAC, H20 heater, less than 5 years old, fixed drainage issues etc.  

I may have learned the hard way to get those pictures, including the ones of the toilets, somebody has put up a bird feeder and the house IS covered in purple bird do since she moved in, or I really am going to need the referral of the powerwasher whos brother owns a reliable roofing business.Sounds like a lot of work for powerwashing, but good habits and relationships with people, tenants and contractors alike  are worth their weight in gold. 

No Bill don't know that guy. just because he has the same name doesn't mean its me. funny story though.I know, same name, same hair color, eyes, similar nose bridge and facial points, same area, that wild and crazy kid in the mug shot looked similar to you, but you changed your avatar picture, so now we can't just see a little weight loss.You might expect a bit of ribbing around town for awhile.

I flip full time in Denver, and have never sold a property for more than $300k ARV, my initial thought is you might be swinging a little over your weight class.  500-700k is a whole different world and a ton of experience and detail above the entry level houses in/around Denver.  

In my opinion, having a local joint venture partner is worth its weight in gold.

The homebuyer gets to purchase a property, and the originator receives a significant return on investment (perhaps 6-10%) with no upkeep responsibilities.

You can sure lose a lot of weight with worries in this biz, huh?  

In short, it seems like it would require only attending board meetings once per month and managing ongoing maintenance requests for the community and general upkeep (for example landscaping).