In that asset class you are depending on things to save you that are trending against it.That said if the 30k completes a partial done rehab it might make sense but if it's a purely cosmetic one I would sell it now close to as is.

But the simplest test is going to be to turn on the water and see where it starts gushing.

On the other hand, our house has a brand new roof, brand new hot water heater and recently renovated kitchen with newer appliances.

Normally does not wipe out government liens like IRS, demolition, mowing, preservation, etc.Some place it also does not wipe out water/sewer/utility liens.IRS I believe has 120 days to act after the foreclosure, I can think the other ones sunset.

$1,000 a month is on the lighter side and upwards of $2,000 isn't unheard of.On the upside the fees often include utilities, internet, water, heat etc.

BUT luck does hit if you keep your ores in the water, stay in the game. 

(Also, the developer is reasonably experienced + wealthy and has personally guaranteed some of the existing development projects - but wants to move away from that)I'm also planning to get some equity in the JV / the broader development company (much less equity than if I were to be a pure equity investor of course). because I do think this could scale to 300-400 homes / yearOf note: These homes are modular in nature - so are faster to build and margins are projected to be attractive.My questions for you all is:Have any of you lent to development assets with cross-collateral from cashflowing properties like this?

The wax ring could be shot, allowing water (and possibly sewage) to leak out around the ring and soak into the floor.

Being a 1960s era, it will have everywhere.  6 inch tile floors, hot water pipes, countertops, etc.Would check on that before diving in.

Do they look good but need new roofs, have soft subfloors and ancient water heaters?