It was not an easy one, since we are in CA and the property is in OH, but we made it through and are looking to take on our next project.Bought: $79,900Initial budget: $65,000Real budget: $97,000 (mismanaged project by initial contractor (and second contractor))ARV: $219,900Improvements:Brand new siding on the second floor (was not in the initial budget)New roof (was not in the initial budget)Sealed and painted the basement - was quite creepy down there beforeOpened the floor plan from the living to the kitchen by widening an existing walkwayMoved the kitchen from one side of the house to the other to capitalize on the stained glass windowsGutted the upstairs bathroom and added really good looking featuresAdded a half bathroom and laundry room downstairs by the entry to the backyardNew ACNew plumbingNew electricOur contractor performed extremely poorly on this job, and I am happy to share a cautious word with anyone who aims to invest in Cincinnati about the team at Kaiker Development and Creative Customs Carpentry.

To start your tought process read the file I have linked off my profile 1st paragraph:  How to buy a bullet proof portfolio.Next search for discussions on turnkeys in Memphis.   

They must give you proof from the court like an order for protection, a letter from a domestic abuse counselor, or such. 

I sent her a certified letter yesterday saying to avoid foreclosure or any other action she must provide proof of insurance on or before October 12 & if not renewed I have no alternative but to FP a policy.

I am talking about store fronts with bullet holes in the front windows.

Assuming it needs $125,000 in rehab and I could purchase the property for $150,000 it seems like a fool proof plan. 

I also want to make my rentals "bullet proof" so that they hold up to wear and tear and a little abuse.

After buying the property and viewing it I quickly realized why noone had rented either of the vacant units: both units had what looked to be mouse crap on the floor and the other unit had a broken window (not cracked - a literal hole in the glass) and there was a hole punched in the drywall (covered using cardboard). 

It is better to do a deal than skip one just because the dollar amount for financing is high.Good luck in your search and know that if the numbers make sense, you have made the right choice.ya know I would have agreed with this pre 08  but these days most HML want good credit  and proof of cash reserves and cash down.. for inexperienced first time type buyers they may not even do one.. unless you have massive down and cash backing you up.. it gets very easy when your have a nice track record.. but most HML are not little down crappy credit no provable income.  

I would say, that your friend should just go to court with proof that he owns it and that he's working to rectify the situation and the judge should throw it out, as he wasn't the owner at the time.