I'm looking to buy my first rental property off of a family member it's fully remodeled and already has a lease in place.

We are finishing up a remodel in SE Denver and have been trying to find someone to refinish the hardwood floors. 

Also, for my first flip or potential remodel/hold property, I don't want to spend crazy money.

Last investor that picked up one of these condos remodeled the whole thing with about 80,000 and just sold it last week for 365,000.

Last investor that picked up one of these condos remodeled the whole thing with about 80,000 and just sold it last week for 365,000.

I live in Murfreesboro and do most of my remodel work in Rutherford County.  

During the bust, I got busy with a 100% DIY remodel of my current house to make it more attractive to the next buyer (or appraiser) and, thru my effort, managed to at least not *lose* any value when things tanked.

I'm a 20 yr veteran in residential restoration and remodeling.  

There's no equity in this deal at all   It looks as though the seller did some work since they last listed the place but the duplex is a complete remodel on the inside.  

It sounds to me like they would only take into account the forced appreciation from improvements we have done (new roof, remodeled bathroom), and would not take into account market appreciation.