We have black clay where I'm located and it contracts and expands quite a bit when its really dry and then gets wet.

I think in the past few years since I been paying attention to the market, this is the most dry I've ever seen it.

The activity is a significant participation activity, and you participated for more than 100 hours in each of several activities, and the total for all these activities is in excess of 500 hours.5.

There is no garage or shed, but does have central air.The inside appears to have been trashed, new flooring, patch several holes (dry wall), the kitchen needs replaced and I believe the bathroom will also.

You would need to come out of pocket for the excess, or else get the sellers to accept a lower value.Once you have a contract with an agreed upon amount for closing costs, it becomes the upper limit.

Then rinse and let the walls dry.  

Just like a puddle quickly dries up in the sunlight, real estate puddles dry up quickly by investors clean up the messy puddle.

If the condensation was heavy, the existing drywall can be saturated with moisture and that takes time to dry out.

Then, twice a year, the manager makes an additional payment, based on the profits in excess of the fixed rate.

I do seem to get the perception that the rehab market in Orange County is somewhat dry, and that profitable and successful deals would be difficult to make in the current environment as a first time flipper/investor.