This time is spent uncovering what we can about the seller.They are motivated but what is motivating them to sell, once we get to the true motivation we try to structure a deal that gets a fair price (for them and us) and solves the problem we can then capitalize on their motivation. 

There is going to be much more information uncovered as you dig in.

We mostly want it to pay for itself and hopefully make a small profit until we can retire and use it as a summer retirement home.As far as income and vacancy projections, a quick internet search uncovered 2 other similar cottages nearby with availability calendars and price rates for the next year.

What questions can we ask them to uncover any red flags?

What questions can we ask them to uncover any red flags?

I came into this deal thinking it was going to be a base hit, but with all these uncovered issues, it's starting to look like it will be an ongoing headache / cash killer and not what I had originally planned.

They uncovered some foundation issues that made it impossible to recoup the cost of finishing.

It is not that difficult if you are diligent.Here are the simple steps to uncover the reality about demand:Start with the apartments in the area.

So spoke with the sellers of the property and they are willing to work with me in regards to numbers since I uncovered the limitations of of the number of units on the property that are allowed.So my current thinking is...Offer $70 - 80k for the property and since we do not have to renovate as many rooms I am estimating rehab being about $150k or less (have a contractor meeting me Thursday to get another quote).

Good Day BP. I am looking for recommendations on Turnkey providers who have experience in dealing with International buyers. Not really concerned with location as long as the numbers work and the company is reputable....