My principle in this scenario would be $6K.Cumulative cash flow - Total cash flow for this time period (Total Income minus total expenses, including PITI)Debt paydown - Initial debt balance at purchase minus current debt balanceMarket appreciation - an increase in appraised value without extensive rehab. 

Jeff's been featured on Bigger Pockets podcasts (#241) and has invested extensively in the Indianapolis market.   

They are literally desperate and counting on Joe to close (a realtor offered to list it but Joe said he was a cash buyer and no fees and fast closing).  30 days later Joe is asking for an extension and a price drop but there isn't room. 

I would structure as a 12 month deal with (2) extensions. 

Extensive experience with this group. 

For most it would involve extensive reading of web sites like this and books.

What would be the estimated cost to fix the issue if it isn't extensive and can be accessed (I am assuming dry rot in garage the way it is described).

I'm in the Bay Area so a bit tough for me to hang out in the area for extensive period of time. 

We are coming down next week to look at some projects in Philadelphia from Monday to Wednesday but we will be driving by Cleveland after that.Or you yourself or do you know of any entrepreneurs, active developers, or people who do have extensive knowledge of the Cleveland real estate market for investing? 

That is reasonable to ask for a 2 day extension.