If the street Gentrifies, sell it and make a bundle and do it again, if it doesn't you will have one fancy home to call your own.Can't find or afford contractors, you then must be the contractor (be your own boss) and swing the hammer and saw the saw.Just my 2 cents.

I tracked down the commercial property that he abandoned, photographed it, then got a property profile from a title company.Here are some numbers:The gentlemen bought the property in 1988 for $160,000It currently has a tax value of: $825,553, so my guesstimation of its real value is around $900,000 - $1,000,000 +It shows one mortgage at $125,000The zoning is C2It's about 65,000 square feet (1.49 acres)Here is my plan of attack:Talk to my private investor, and get a signed referral memorandum ensuring a finders fee PRIOR to me discussing anything about the property.Hand the deal over to my private investor and let them hammer out the deal.Only when all the numbers have been worked out will we discuss my finders feeAdd my referral memorandum into escrow as demand for paymentThis would be my first deal, so I feel it would be better for me get my finders fee and then watch it from the sidelines- while learning of course!

Too many days of freezing in the michigan winter hammering nails and standing on a six inch wall 20 feet up trying to guide trusses that are swinging from a crane & hoping the winter wind don't send you on a quick trip down while the builder sits warmly in his brand new truck talking on his phone.

Again, IF you discriminate based on kids and/or the number of kids, you are subject to the big hammer of the Federal Fair Housing Act falling on you.

Just have to hammer out how it's going to happen.

Second question the back patio is in rough shape in certain areas, I really don't want to jack hammer up the whole patio, has anyone resurfaced concrete?

Ideally you would take ownership of the property before ever swinging a hammer (you want to make sure the sweat equity stays yours).As far as divulging the info to a realtor, I wouldn't necessarily be concerned about working with a realtor you trust to obtain comps, but they are likely going to want to represent you in the transaction, or be compensated somehow.I'd love to help you more on this or answer any additional questions you may have. 

If you owned the house for over 1 full year it is taxed at Long Term Capital Gains which is a much lessor rate than if you held it for less than one year.I personally wouldn't recommend doing a 1031 exchange unless your ordinary income is in the top bracket and you will get hammered with taxes.  

If its a small job, you can rent an air hammer/chisel and put in some sweat to get it all up.  

Years ago I began remodeling my own homes, hoping to learn about real-estate investment by swinging a hammer.