And then when you complete the sale of your old property you "purchase" the new property from the EAT. 

Then it's just a matter of looking at your P&L each month to ensure repairs aren't eating you alive.

So, if your numbers are right, you could cash out right away, but you'd eat the rehab costs.

You'll eat some realtor fees and closing costs but you should still clear, what, $40K?

At this time, I’ve only got evenings available but no one likes to eat alone, so how about dinner!

I am already way over budget and the bid number could eat all if not most of my profit at this point. 

The Tenant has to sign it and accept the charges or they can refuse to sign and take you to court to contest the charges.Unfortunately, your friend did not create a list so you will have to refund the deposit and eat the loss.

Basically have your cake and eat it too!

Carrying costs will eat up any potential profits.Whatever was done already is a sunk cost.

Younger people like to club and eat more then gamble.