I'm having new carpet, paint and countertops put in but not doing a full rehab...just cleaning things up and doing the basics so end buyer can complete to their taste or rent it as is.

“Some books are to be tasted, others to be swallowed, and some few to be chewed and digested.”

Rockford is in the top 3 cities for most foreclosures in the country (flint & Detroit are in there too); manufacturing town so lost lots of jobs when things went south.IMO it's a great opportunity but too far away for my taste.

The idea of losing $1,800 lives a very bitter taste in my mouth.UPDATE: Now the bank is telling me the only way I can close on this deal is to get a renovation loan from them.

And it will taste good:)

If you really have the skills and money for materials, good taste and make improvements that are marketable, you can come out better down the road.There are only two ways to get money out of the walls of a residence or any property, sell it or finance the money out.

Even if it wasn't terribly profitable, I would think "gutting" and remodeling would be a lot less risky and you could do it at a much lower price point.For the tear-down, I think you will be competing against a lot of people who want to owner occupy a home exactly to their tastes.

Long story short, I've gotten a taste for larger mumtifamily and decided to sell my 6 units (3 duplexes) to roll into a 30-unit property.

I would really like to close my first deal just to get a taste of the pie.

Seems like it's apples and oranges; still fruit, but with a different taste.:)