Reinforces my belief about being ULTRA conservative in my scope of work/rehab estimates.

I had the carpet pulled and the walls and ceiling washed down (the guy used bleach which I questioned but worked great), primed with Cover Stain, and top coated with Behr Ultra paint.

Hi,Just going to try and revive an old thread… I have an ultra-basic tax example that I would like some help with. 

If the ARV is $50,000 - conservatively (remember, hard money lenders are going to be ULTRA conservative.

Lastly, another ultra-wise investor @Tracy Caywood once commented to the effect of “a person can flip options in your Self Directed Roth IRA…Your account balance must reflect enough funds to cover your investment, otherwise it can’t be funded.

If you're ultra lucky, one side of a duplex.

I figure there are three options: (1) get an agreement from him, get it inspected, buy it for cash - that would be ultra-fast and get him out of trouble - only of course I don't have $180K lying around (2) help him get paid up for all his debts in exchange for him selling the house to me, and then I get traditional financing - what are the exact steps here, though?

Certain segments of the population place an extremely high value on it and will do what it takes to get into a home in a school zone with ultra high scores.

Ideally located in a neighborhood that is close to your primary residence, and very familiar in regards to commercial and residential.Optimize your exit strategies and think about how they affect your future investment options.Time the market for both acquisition and sale.To be ultra conservative you can allocate large contingencies on costs.

So don't look at what the market is today look at what the saturation levels and pricing will most likely be when you come to market with a finished product.Don't be too rosy in your projections.This is what killed many developers who used high leverage and bought in 2007.They overpaid for the old building or land,used too high an ltv (90%),and had high rents expected on the cash flow which skewed the projects anticipated returns.When things finally came to market debt service was high and rent income was low and many developers with non-recourse walked.Today everyone wants to nail you to the wall to lend any money so you have to be ultra conservative in your numbers.