It's what you paid, minus the value of the land, plus what you spent on long term repairs (roof, furnace, etc.

A little history on my investment real estate journey if we can call it that….Back in 2005 my wife and I bought our very first home when we were 24/25, 3 Bed, 1 ½ bath 1500 sqft single family home for $167,000.

If the deal is right you can use hard/ private money to finance the home purchase and some or all of the repairs, then do a cash out refinance to pay off your hard/private money. 

I had prior MHP ownership experience and all the homes were tenant owned and were about $150 below market.

Tell me - someone selling their home to your son, Subject-To - is this a person who has made good life choices? 

For the last 4 years in AZ, I have been a home inspector.

Each property type—whether a single-family home, duplex, triplex, or quad—has its own code.

I'm noticing a lot of homes with foundation issues. 

Some have done owner financing with an agreement to pay all interest and equity splits when the home sells others have done it where they do a quitclaim adding their name onto title with the seller so once rehab is done the seller can't try and cut you out of the deal. 

They had an unfinished space counted as finished space increasing the size of the home by ~10%.