Ironic.

(With or without asbestos,  lead paint and cast iron pipes.)You can lose money on a TWO percent deal, if the property is cheap and/or old enough, or in the wrong place.

Lawrence ironically has the best geographic location, but the worst element with potential for a huge upside in 10 or so years if they can drive out the gang element.

The backed up and broke another wall with a cast iron gate.

Bob, I do hope you don't get stuck with it, it might be better just to keep it and let your attorney iron out the wrinkles when it's paid off. :)  

Through the warranties we have had the heater repaired (day after Christmas), cast iron drain pipes replaced, main sewer line cleared, and an electrical issue.  

I find it rather ironic that landlords are so concerned with approving tenants with a criminal record when they may be going to investor meetings and dealing with other landlords with a prison record!

We've discussed how to structure our partnership conceptually, but now that we've got a deal it's time to iron out all the details and write a formal Operating Agreement with an attorney. 

Old houses have cast iron pipers that will disintegrate (because of age and/or foundation shift).

If I come in low like that, my appraisal is iron clad, extra comps and explanation.