He's right it's not luxury, but little by little some "not broke" stuff adds up.Annual taxes - $1800 Annual Insurance $1800Estimated annual expenses 5000New septic 5 years old, new roof 2 years old, but roof needs some work-seems like a lot of the repairs were patch work.

Otherwise it was patch and paint and a few new light fixtures.

If she is paying rent and taking care of the property, patch this up and move on.

Scraping popcorn ceilings, painting, installing new trim (rented a scissor lift for a month), pressure washing the brick, replacing some windows, drywall patches, new shower surrounds, and ripping out carpet to add vinyl plank.

I can make the deal work anyways, I have the cash to buy it outright, and can spend the first 3-4 weekends of weekend rehab doing demo, bleaching walls, patching minor drywall issues, painting walls, refinishing the wood floors, etc. 

You must be able to take a piece from a client to patch it.  

After some patch and paint work, new floors, interior doors, and general landscaping we will be all set.

There are several drilled holes and a badly done job of patching them up.

If we knocked it down later, we would have to worry about patching the flooring vs. going ahead and knocking it down now and going in with new flooring.Same for the bathroom.

People who have done this have to patch it by having an attorney draft something up where the LLC informally assumes the mortgage payment responsibility from the people.