and if i don't get a buyer for it than i eat the deposit right?

I would eat that $1500 and have another contractor tommorow.

Or is it an "alligator", eating taxes and insurance while not providing any return?

I'm trying FSBO right now, since realtor fees would really eat into any gains I might expect to make to make on the property.

i did not fully understand how money can be made if you start to actually think rationally about it.i still struggle with one thing - personally - i like to eat out.

I just sit there eating popcorn and watching the train wreck happen in slow motion.

YOu dont want to be eating macaroni because you made a poor choice.Gate

When I was doing a bunch of SFHs I went to a two year minimum lease because those two were eating a lot of my TIME.

Then plan a way to generate or buy the required leads i.e. phone duty, open houses, running adds, bandit signs, flyer drops, cold calling fsbos, handing out cards to everyone you meet ect.....Then eat, sleep and breath real estate and you should hit your goal.

your objectives or goals to maximize subprime financing should be to maybe hold the property for 1 - 2 years, (You may have to eat a 1 o 2 year prepay but it will lower the rate from a loan with a zero prepay,)while you build your credit back to an a-rating, then refi your cash out for more investment projects. theirs tons of new products, on the market that fit your particular scenario, such as the option arms, option arms give you the luxury of choosing/paying your mortgage 4 different ways each month.. 30yr P&I, 15yr P&I, Interest only, or whats called Neg am(Negative-ammoritization)the neg am, could allow you to get into a million dollar home for like $3k a month, they have 1% start rates.. these loans are really good for short term properties, like a year or 2.. especially if the property is in a desirable market..