@Jim Doyle- thanks   1) consider increasing the purchase price by the amount of the elec and roof  work that needs to be done  and then assist  seller with  getting the work  scheduled and completed  ( as this will be required to be donw before closing ) ..this way the  seller  is technically  paying for the  repairs  and they wont lose  any  proceeds ....they will pay a little  extra  wa state sale excise tax  but  that  wont amount to too much  2)  consider  putting less down  and using some of your funds to pay for  the repairs  ( or part of the repairs )   3)  consider using a rehab loan  4)  consider  keeping the price  where it is and asking for the sellers to complete  repairs  (  this likely wont happen)  5)  get roofer and contractor  estimates and get them  lined up to do the work asap  as it might takes  weeks to get this scheduled / done  6)  ask seller for  extension on closing date if the  work  will take  longer than 10 days ,,,Good luck

Feel" the true beat of the portfolio's income and expenses performance before using leverage to speed up the growth of your portfolio.Using cash only will protect your bottom line in scenario's like yours when the properties don't perform as expected as you won't be on the hook to cover the mortgage expenses.Just my bias opinion so take it with a grain of salt.I've also witnessed many finger pointing instances when others get involved.Like a new property manager, realtor, contractor, etc...I've had my share of bad experiences with realtors that threw my company under the bus and got in the investors ear to flog it at any price just so they can make a quick commission.It get's very messy, painful and pretty much turns into a disaster with the investor not knowing who to trust or what to do anymore.Similar to what you post about has happened to me and my company many times and if allowed the opportunity, we do our best to fix and come good.Some loose trust and faith and I 100% understand, but as soon as someone leaves the wing of my company there is not much that we can do because as I mentioned above, everyone else get's involved, has an opinion and the situation get's very messy.Having in-house property management is vital when such a "crisis" arises.I tried out-sourced PM when we first started and it was a disaster.We had no choice other than to bring it in-house.Hated my life for the first 5 years with in-house PM and fast forward 10 years, it has become our "golden goose" and a very well streamlined and beautiful business.From what I've seen and read on the forum and elsewhere it seems like RTR has a good reputation and what you have mentioned seems like a "worst case scenario".I hope RTR will assist you the best they can and all I can say is learn from the experience and don't give up.Do your best to weather the storm and focus on minutia.Don't have regrets and don't spend too much time dwelling on the past.Glimpse into the past to get guidance from what you could have done better and think ahead.Move forward smarter, more experienced and better.Wishing you well and much success with your future endeavors.

I've extensively researched BP forums and have spoken to other developers, builders, atty's, and CPA's about how best to determine profit share between partners based on 1)Risk, 2)Capital Contribution, and 3)The Role of Each Partner in the project . . .

Hello Lynn, The seller ended up giving more seller credit to pay for the rate lock extension.

I have extensive background in construction and real estateI lived in Florida and wholesaled & syndicated real estate for a few years.

pricing is going to be determined by location for instance I suspect in Texas with its famous soil and foundation issue's it probably more money.. 

He visited the property on Friday and after discussing over the weekend we decided we were going to put in an offer.However on Sunday tornadoes hit the area and several trees hit the house creating extensive damage.The home and property was inherited by siblings after family passed away and they are wanting to get rid of it. 

In many instances a bankruptcy is the best outcome for everyone as it keeps the borrower in their home while reorganizing their debts. 

for that, i use reihub (the extension of rentredi). i use quickbooks for my other business but my RE portfolio doesn't require something as robust.

If all looks good, I suggest a one-year loan with one automatic one-year extension for another 2 points, subject to on-time payments, taxes & insurance paid, etc.