Some people need 2% above the borrowing cost (8% cost of hELOC you gotta then make 10% + etc) and others will want to double their cost of capital or 200% so it depends.Everyone's going to give you their anecdotal experience or what their preferences are so its good to hear it all and determine your own.

People are still sleeping on it! 

That’s assuming you don’t lose money to vacancy, capex, etc etc.

If he owes a decent amount on the property, wouldnt the conventional route make him lose whatever interest rate he has?

It’s like a scene out of a zombie movie as these people stagger down the middle of the street to the liquor store on the corner past my house.

Without businesses it loses its revenue and becomes a trash heap.

For example is a personal loan from a bank is 7.5 % that you could use as a down payment (after its seasoned), and your 401k loan is 4.5% but the 401k is expected to return 7.5% per year the money you save on one end you miss out on the other end basically and if your 401k returns are 20%, then you lose out significantly. 2.

, it's still highly unlikely that an appraiser would have given value to this bathroom in any case, so we're not losing anything from an appraised value standpoint.Seller should be more than OK with it once you educate them on the fact that of all the offers they are evaluating, yours is the only one willing and able to execute a plan to close on-time, without delay, in spite of the flagrantly illegal and unpermitted bathroom.

But I also haven’t the time to wait because people are people.

Mailing/emailing a notice to "start the clock" doesn't cost much and should be done to NOT lose time if tenant doesn't pay.