Hi all, There's a 125 year old MF property that I have my eye on, but it needs upgrades (roofing, electrical is very old, mechanical is ad hoc, asbestos mitigation, etc.).

Most fail to understand the mechanics of the court system and how litigation works.

Interestingly, they've recently negotiated a re-purchase price with us IF we bring new funding to the table.The rehab is required for several reasons: (a) correct the damage the bank has allowed to happen to the property improvements these past few years (known problems include completely destroyed pool makeover; wild animals living inside the residence; flooring missing in sections of the rec center building; destruction of the decorative main entry gate mechanism; lots of dead landscaping; as well as latent defects not known to us such as working plumbing, HVAC & water services) AND (b) expansion & upgrading of the accommodations (converting the private residence to a 2-story lodge with the restaurant/bar, reception/check-in, movie room, public restrooms, gym/sauna/steam room/massage therapy room; enlarged pool & deck area with climate-controlled cover for year round use; conversion of former restaurant/bar building to a general store selling venue collectibles & wearables, selected pre-packaged foods, sundries, RV & camping items, bagged ice & a propane refill station; construction of a free-standing event center; free-standing cabins; enlarged & upgraded RV park with its own small restroom/coin-op laundry building; outdoor activity areas; new landscaping & fencing; new parking area & entry drives (personal car & RVs).We know our target audience having created and operated the former version of this resort for almost years creating an initial membership base numbering about 1,100. 

No matter how much time and money was spent on renovation, trying to simulate heavy use of the mechanical systems as a result of the occupancy by a family was different.

My cash flow can be saved for major mechanicals instead of 10k make readies every couple of years. 

A contractor has time to record a mechanics lien, what if they did not sign lien waivers and then file after the foreclosure. 

Housing is a long, long mechanism to unwind so it very well could be right. 

This will help you steer clear of a lot of the mistakes people make when walls are opened up, mechanicals changed, kitchens redesigned, etc. 

True with every profession, from car mechanics to surgent.

Some mechanics liens etc are not always extinguished.5.