Hi Cris,This deal has potential, but the margins are tight.

Currently there are a ton of buyers pouring money into finding deals off market and it's tight any where in the country.

It's great you got a property but less than 3K monthly on personal income makes it tight.

I know a lot of people hold tight on their policies but I also believe this is a hospitality business and look at every situation uniquely.

Home prices are higher than they normally would be even in these tight market conditions.Tell me why!

While inventory can be tight, well-priced properties that are updated or renovated continue to attract buyers quickly.

In my opinion, you want something that will protect you, but is also understandable for everyone signing.Keep in mind that at the end of the day, here in Illinois, the state is generally contractor-friendly in the court of law, so making sure you document everything clearly with payment will protect you against any potential mechanics liens.We have had several projects that did not go perfectly here in Chicago because we overpromised and didn't keep tight enough documentation. 

And now the margins are too tight for people to do it. 

At least for me personally.. biggest risk is if your not very tight with the title company your going to have a real issue when U go to sell or refi. 

Our 1031 tax exchange deadline was looming, so we didn’t try to negotiate and we simply offered the asking.How did you finance this deal?