Best negotiation of my life.The reason the bank was so motivated to sell was that the city had moved the building to demolition court and basically told them either fix it up, sell it, or demolish it or we will demo it for you and send you the bill.

The City has a deomlition order on the property but can not afford to demo it. 

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

It already had a great floorplan, didn't need a whole lot of demo, so this was a good investment opportunity.

In general, east of 288 will have better rent:purchase ratios, but you have to know how to manage a tougher demo.

@Chris Whynder demos on the project l, the asset, experience.

key=OVoxNVhwZnZRRlNyM1JJNFhIRThEWFJsMjI1eHVBI made some notes from the walk through:Curb appeal: House- yard work, shutters, repair driveway cracks, small porch for side entrance, some brick sealing / cleaning up wiring, new gutters, new flashing, 2 window (dual pain) replacement, door refinish, some trim replacement, some roof repair.Garages & Shed - Check code for add on shed (add on is nicer), foundation sunk and cracked in 2 spots, check electrical, new garage doors, new shingles on garage, some roof wood repair, Demo Shed and have firepit/patio on slab.Inside Home:Overall- Electrical (multiple types of outlets, grounded/not grounded), Plumbing (Galvanized rusting in most of house), Possible mold remediation, Roof (Seems ok, maybe new by some windows and seal some areas), How is furnace and where was air conditioning. 

I'd rather not demo the existing ceramic tile, since my budget is pretty tight, and that will take a decent amount of time(For about 800 SF).If I do need to fill the grout lines, what is the easiest and most cost effective solution?

ok, demo only on 3000 sq. ft including floors and you are looking at about two 40 yard dumpsters full plus labor to do so.

Don't hesitate to contact me if you ever need help with a project (demo, haul, clean up) Congrats again!