I know if more than 50% burns or destroyed the whole thing has to be brought up to the current code.

Purchase price: $62,900 Cash invested: $57,000 Sale price: $181,500 Bought a "burn out" home that had a rehab started, but the owner ran out of money.

Not that you care what anyone thinks, but you’d be surprised how without even knowing it you can burn bridges and opportunities to network with fellow REI all because of how some of the comments come across.

For what it's worth, very often investors unintentionally burn up a lot of a real estate agent's time by making impossibly low offers and/or expecting perfect purchase circumstances before they are willing to act, so everybody ends up being exhausticated...

I only give our the information to those I trust, and even then-- somehow, someone gets burned and I don't like it coming back to me.   

If it's not a good investment property the numbers will tell you.Jaron,We brought the present home in 2012 as our first home.Its a new construction.I did run the numbers on the existing home.As I mentioned we paid 212k in 2012.Took an FHA and refinanced to conventional a few yrs later.(3.5% for 30 yrs Balance on mortgage 160k).Mortgage runs to 1200/month.Our property can be rented out as is for 2000/month.Its a 4 bed 3 bath and rents in our community start with 2000 range for our sq footage.I want to pay off this house asap in next 5-6 yrs and free up money to invest in another house.The houses in our community are in 450k+ range.Hubby is preapproved is not the reason for another house.The other house is right opposite to our community  and is a 5 min walk from our house.So its not a big move.Except that I want to move closer to our kids friends.Our lender metioned Heloc maybe a good choice for further investments.I want to explore Home Equity Loan route to be safer.I am still a layman in Heloc route and dont want to burn fingers.Any advice.P.S.What is COC? 

But if I sold it all together, house with contents and contents not separately valued, I'm guessing none of it would be taxable (within reason of course/assuming absence of fraud).A similar scenario that might occur is when a house burns down.

But if I sold it all together, house with contents and contents not separately valued, I'm guessing none of it would be taxable (within reason of course/assuming absence of fraud).A similar scenario that might occur is when a house burns down.

I'm just kinda burned out on old places, and again, that's not something you want to do when you live hours away. 

Common HungerIf one person has the drive to work around the clock, burns the midnight oil etc, and the other partner turns their phone off at 5pm, takes weekends off and monthly vacations, the workload will quickly become imbalanced, resentment will build, and you will need to dissolve the business.Complementary Skill SetsDon’t partner with someone just like you.