Using rentometer and speaking to realtors in the area, the average market rent for a 1/1 is $800.Rework your numbers and lets see if this is better investment for you!

Don't be afraid to call him back - the last thing you want is to do a bunch of rework.

My general understand is this:It is a great hands on investment, you can purchase Notes (aka loans) for pennies on the dollar, then approach the home owner who is currently in default and work with him to either keep the house by re-working the terms of the loan.

However, given you are receiving a tenant who is paying extra (with agreement) for a service where the fees are included in the rent which is meant as a _____ language management fee along with a convenience fee that you receive, I can see where technically this can be barred legally (in which case we will obviously rework the fee structure), but I don't see why this was such a revolting request.

I believe its worth far more than 100k and while it has some pictures and needs some cosmetic work and a kitchen re-work, it looks pretty good.As I'm very new (yet to find a property yet or even an agent), is this deep water territory/high gambling and I should avoid it?  

I'll rework the numbers post the edited numbers below.My thoughts on appreciation pertain to making this a deal that is attractive to a investing partner.

There are many note buyers like my company that buy distressed residential mortgage debt then rework the loans with the borrowers into reperformance.

Since the house needs minimum rework, you may be able to flip it with the wine cellar and furniture in-place.  

Jennifer Hollstein I have no doubt that you, and anyone, can make RE work if you put your mind to it.

Thanks for the advice Bill, I'm beginning to realize that I might have to go with creative financing, so I'm going have to rework the numbers and might have to see if I can get a lower price.