Could be as ‘simple’ as rot/termite damage and rebuilding that wall.

As far as I am concerned there is no red flag, weird feeling from the other person.Would a JV agreement be enough protection in this case.The deal is a complete demo and rebuild, then refinance into an llc that we will be both member of, with an operating agreement in place.Thanks

The rebuild and resin cost about the same as the new unit if I remember correctly.

I do not have proof of income and also in the stage of rebuilding my credit (660) but I do make about $2,000 a month under the table.

Insurance covered the cost of rebuilding the effected building as well as lost business income.

Faucets should not be dripping or corroded and i always rebuild the toilets when I buy a rental.

@Mike Schorah17 years ago one appraiser appraised property at 165k and second appraiser at 0, because property was in the newly determined flood way, and to rebuild you would have to build 8 feet up which was uneconomical for the area.

It has a large basement I can put everything in, however rebuilding and flipping motorcycles and cars on the side is a hobby of mine, which I can't really do in a basement.Now I only plan on living in this duplex for 2 years at most before I refi out of the fha loan.

If it would cost $1M for a general contractor to rebuild from a flood, but you feel you can do it for $500k, then you can choose to only carry $500k worth of coverage, reducing your annual premium. 

I would not sell a performing quad in your market just to capture equity unless value is approaching rebuild cost?