If I am paying 75kish for a house in Memphis, which I have done, I want the house to be almost entirely new as far as mechanicals and big ticket items go.If it’s dated or not rehabbed I’d pay less.

The account is set up on auto pay from her bank account so there are no cancelled checks.

(e.g. new mechanical systems, HVAC, hot water tank, flooring, paint etc) But NOT thoroughly rehabbing it (e.g. new kitchen w/ granite, new bathrooms, new plumbing, electrical, windows etc)Personally, I have always rehabbed my rentals nicely, and asked for higher market rents.

ARV  180ish in those days... probably needed 15 to 20k to change out mechanical and fluff and buff .so I am standing there and because of the low bid and the fact that northwest trustee converted to putting all the sales on their website.. ( which really blew it for us guys in the business)  there were over 30 bidders with qualify checks so at least 3 million in cash chasing a dinger that ended up selling with Maybe 10k of equity in it.. at that point I knew our great run was coming to an end and the days of picking off equity like we used was about done. 

First off, most contractors are not that far behind as far as payments vs work done and they have legal protections to get paid if and when a problem arises via a mechanics lien on the property.

As far as the legal mechanisms that you will need to put in place, itis probably a terrific idea for you to call and talk with a real estate lawyer in your locale to get their advice, would be money well spent.

The property needs a fair bit of work both inside and out, but nothing major (all mechanicals are within 2 years new thankfully). 

You won’t get $500k loan on $900k equity with most Bay Area regionals like First Republic or Mechanics.

Example:- if this is an Emergency hang up and dial 911- If you are calling about a mechanical system not working such as A/C, Dishwasher, Plumbing, and etc.

I am currently going to school to become  a mechanical engineer, but I know that real estate is my passion and what I truly want to do.