Don’t forget to include the cost of the loan servicer. 

The repair was extensive and costly, requiring excavation (about 3x6 feet) to replace the broken section and clean up the mess.

But it's good you brought that up because it's easy to forget about that. 

The tenant supposedly had complained for months to the property manager that the furnace was not working.

Hello everyone, we know this post is a few months old now, however we are interested in the Ocala, FL market as well, primarily looking at LTR SFHs in the Silver Spring Shores, Heath Brook, or Marion Oaks neighborhoods.

I have been on BP a long time and maybe about eight years ago , a person had a small chance of finding a posted house for sale here that can be flipped.

You have a number of issues in your post unfortunately.

We did give 50k deposit up front which he says he will use towards finishing up.

By year end I will tackle a MF, value add with my son that would be sweet if we can swing the coop/tic (handling the finance challenges is the hurdle) so he ends up with a unit at below 50% of retail.  

Their entire business plan is wait a few days to come out, charge  deductible, go back to the office to order a part or two that will come in a day or two.