Most likelySeller underestimates foundation issueBuyer overestimates foundation issueTruth lies some place in the middle

Six months into project, when your loan is due, he is still in the middle of rehab, which by now is way over budget, and he has no way to refinance to pay you back.

If this was in the middle of Cicero I'd expect it to be a sure shot.

Just think of it like you just got an Ivy League Education in house flipping.

Maybe a single family, duplex, a couple of each if large enough, or heck even some timber land in the middle of nowhere.

Those with a variable mortgage (e.g. 5 year, 7 year etc) chances you are in the middle of a recession when the interest hike kicks in.

The neighborhood is mostly populated by middle class and military families that work on base or at the local saw mill and it is only 12 minutes away from base allowing me to potentially tap into the military commuters community.

The neighborhood is mostly populated by middle class and military families that work on base or at the local saw mill and it is only 12 minutes away from base allowing me to potentially tap into the military commuters community.

Your suggestion at the end would be the middle ground of my suggestion, so may be it will work for you if you do it that way.

I'm biased though because I have lived in middle/upper middle class area my whole life and would never live in a lower middle class/low class neighborhood area.