Sitting on a double lot, 800 ft deep with a 40x60 barn, we had an investor very interested.It kept dropping until it bottomed at $59,900 & he had 3 offers but conv financing balked at the repairs & the mechanicals kept failing the inspections.

Hello All,I have been getting into real estate the past few months, started out posting yellow signs every weekend for 6 months, and have also been sending out yellow letters for the past 6 months, around 1000 / month.I've gotten really close to closing on a triplex at a great price, however it ended up falling through.I'm 27, currently work full time as a mechanical engineer, however I would like to quit my job and devote my time to going back to school and medical issues with my shoulder (rehab takes a few hours a day), while working part time.I was planning on helping a seasoned investor I know with his property management.

When I purchase a property I always plan in to upgrade the mechanicals if they are out of date.

They almost never break down, the older ones with pilot lights are an exception, I replace them with auto ignition.

The flood elevation certificate is based on the lowest finished (living area) of the home including some of the mechanicals.

Is there a lot of mechanical work involved (heat pump, boiler)?

The main value out of it is the website, database of your leads, and email auto-responders.  

You are correct that if you have the rental property in your own name, you can get a personal umbrella policy that covers your home, auto, and your rental property.

Usually you have to jack the foundation back to level and support it, a variety of support mechanism from spaced helipads, structural foam, flowable concrete injection, etc...If you are the home owner and has an insurance policy this is one that may be useful to get them involved.

Besides, they really dont have a mechanism in place to know what happens to the title after closing (except for the insurance notices being sent) anyway.