The condo should be discounted quite a bit as well due to the issues.I personally bought into such a situation back in the black days of 2010 in San Francisco.

Scott Prock Scott - Keep the black and white definition of a cap rate in mind.

By doing that, I can wipe out the credit card debt I incurred for the rehab, though it wouldn't be quite enough to pay back what I borrowed from family, so I will still have a waiting period to get back into the black after that. 

Jared, I host Black Diamond with free events in Waltham and Worcester, our next meeting is Oct 18 in Worcester, and the topic is Dealing with Contractors. 

You are caught up in the bureaucratic black hole.

But, typically I've noticed many of the residential buyers base their purchase on their needs and can let their emotions get the best of them.Both require you to act in the best interest of your client, but there is much more black and white on the commercial side where numbers really drive investment sales pricing and can be influenced by micro and macro economic factors.If I were fresh out of college and living at home I'd get started on the commercial sales side.

Perhaps right and wrong are too black and white.

Check out the Waltham Black Diamond meetings.Paul

@Patrick McInerney  If you have some flyers, I am on the board of directors for the Landlords of Black Hawk. 

They just black out the bank account numbers etc.These are individual investors some up to 100m plus in net worth.I could understand more if sending this to an unknown company or a stranger that can't be verified.