@Kevin DicksonNot familiar with the numbers up there but does the $225/sf cost include hard and soft costs?

It may give them the wrong idea - that you are soft, or will give them more time if they need it because you're such a nice guy, etc etc.

Update: On how I closed this out (I am sure I was very very soft)I sorted this out back in July17, and I would admit I played conservative. 

BS in Accounting with a minor in Econ and PsychologyBut I'd have to say that college was more of lessons in the soft skills rather than the hard.

But in this scenario, you don't get your $121k back until the property sells anyway, so you might as well just keep it and hire the GC to rehab it for your.I think you should run your numbers including all your hard and soft costs, to make sure you understand the true profitability of each option.This what I would do if I were in this situation.

So you habe 50% + total soft costs to bear.

I didn't think I'd ever sell property, as a soft rule.Questions:1.)  

Then luck kicked in and 4 billionaires decided to start developing Downtown Detroit and adjacent neighborhoods.See now the word is out and people like yourself are looking in the neighborhoods locals bet on or had a soft spot for 4-6 years ago.

They wear and clean like plastic and they are soft.  

You could easily qualify for a stated income loan via soft or hard money.