Items you should be asking yourself about this or any opportunity is:- Risk or Exposure - Exit strategy - Property specifics - Financing - ROI Evaluate worst-case scenario and determine if the property meets your needs or criteria.

Here are the one's you need to use to tell yourself which way to go:If you are holding the property, or flipping it, the basic formula is the same...what changes are the specific applications and items those numbers are applied to and come from.  

Generally, make sure you itemize so the former tenant knows what they are being charged for, and why they aren't getting their whole (or any) security deposit returned.As always, consult with an attorney if necessary.

So about 3 hours ago (12:30am) I received an anonymous text from a claimed buyer stating;"(Address) Ave - $28000 I hope items are still very much in good shape as stated in the Ads?

The cost of acquisition, deeply itemized to make sure you have a real number, acurate analysis of market lot rent potential , and cost of engineering srudies then install or rehab of wells and septic install, cost of new or upgraded electical hook ups,  roads, then the multiple meetings with county zoning and water departments before you even start the rehab.

Cost segregation studies are often performed to isolate and value the individual components so these items can then be depreciated separately over shorter lives.Whether it is worth it from a cost benefit standpoint for SFR's in my opinion is debatable. 

I noted several items that needed attention or cleaning. 

I played around with his bid and was able to knock off the $13K I needed based on the items we discussed above.

That said, simple rehab projects if done full time and correctly should expect to have about a week per $10,000 of budget plus an additional week or 2 for clean up, market ready items, misc.

@Jerry ThompsonHere are some of the key items to understand when investing IRA funds in real estate.Determine whether you will invest the IRA(s) directly in real estate, or if you will pool your IRA funds in an LLC which would then own the real estate.