Your emotions will get in the way of a good vs a bad investment.7.

After the six months, you're going to be much deeper into this than $185K.Even if you can stick to the $203 amount you plan for the refi (not purchase), and get excellent terms (say 8%, 360 year amortization), you'll have annual payments around $18,000.

Personal property has a lot of emotion attached, an investment is strictly numbers.

Have your agent dig deeper.

It's not what I would consider a "hardened" building for rental and I do have some emotions tied up in the old girl.

Instead they just want to get the pain over with as quickly as possible.You also have to find a bank that is motivated and doesn't want the property (shopped) listed by the seller to fully expose multiple offers and compete with other investors.This is why many people wholesale.They make a few k on a marginal deal and let other investors take the high risk.Then they only buy when they get a really good deal for themselves.I would say "Do not get emotionally attached to this deal and overpay because you wanted to BUY SOMETHING" Instead just treat it as a property and if someone overpays for your goals then move on to the next.Remember it is easy to build a crap portfolio with marginal returns.It is much,much harder to build long term quality properties at a great price that will create generational wealth for the your family.

If you have completed any amount of short sales you do upfront work first to not waste time.Never take what a seller says at face value.They will tell you anything to try and get help to solve a problem but the issue is they don't know they are hurting instead of helping.The problem with sellers is at first they are motivated to do a short sale.Then as time goes on and credit is ruined and they have moved out they become emotionally detached from the property.The buyer have unrealistic time lines to close for a short sale.You need to know if your market is declining,flat,or appreciating every month.If it's appreciating or flat the benefit is to the buyer.If it is declining the benefit is to the bank because by the time it close it might have lost 5 to 10 percent of value from the contract price.Your bank actually moved pretty quick with the short sale compared to some others.A buyer and a seller need to understand it could take 3 to 6 months or longer to do a short sale.A friend of mine that is another broker in Florida has completed over 800 short sales.He is a master at them.I did residential for a few years but then moved to commercial so I haven't kept up with all the regulatory junk on the residential side.He does all residential and does not take the short sale unless the seller agrees to certain conditions from the beginning.

James I wasn't born with a silver spoon in my mouth.I had very tough times where things were lean growing up.It builds character and makes you remember where you came from.Having said that you can't let emotions make business decisions for you.This woman has allowed her kids to invade her life and mooch off of her.She has ultimately made that decision.I can see where that high payment without assistance is strapping her.I can't tell you the number of kids who are draining their parents dry and using them.It makes me sick to think of these types taking advantage.I am not talking about a temporary blip where someone is down on there luck but a continous pattern of doing the minimal only and getting the rest from the parents.I have tons of tenants with my apartments and I hear it all.When you have apartments they all talk.If you are soft with one they will take advantage.If you are hard with all they will leave because they can't manipulate and the other ones will pay on time knowing they will be gone if they don't.

There is a possibility you could use the distress to your advantage and get a deeper discount than what the repair will cost.I qualify my opinion by offering to you that I am a geotechnical engineer during the day.

Tugging on the strings of emotions as everyone feels like they got cheated.