We were given the opportunity to purchase a defaulted 1st Lien Non-Performing note/mortgage on a 2 story, historic building in Ohio City, less than two miles from the Rock & Roll Hall of Fame & the Cleveland Browns Stadium. 

But the house is stucco exterior with tons of cracks in the stucco that have to be repaired. 2 stucco Contractor's have quoted us $12k - $15k to sand blast, patch, apply a new "brown coat" and finishing color coat.

@Mario Brown thanks!

@Roland Brown - I wouldn't bring an old employers 401(k) into a new employer's fund.  

@Jeremy Brown Yes, I first applied the numbers to the flip calculator on BP.  

@Jeremy Brown   You will lose a lot of money if you don't run things like a business.  

Hi @Amiris Brown If this is your first purchase i wouldnt recommend starting out with a big project like that...usually it turns out bigger than what you thought... in any case if you really like that property and it has lots of issues i would suggest send the listing agent a backup contract. these usually fall through and you might be bae to pick it up at a lower price. also fnme- homepath stopped negotiating high price reductions about a year ago.. but they usually have an automated system that reduce the price once a month..also something very important to consider- if your'e planing to buy this property and keep it as a rental- because it has lots of mold you have have to get a remediation certificate that the house has been treated and clean. otherwise the tenants can hold you liable and take you to court if they feel the property  still have mold ,that can be very costly... 

@Jeremy Brown , as far as budget goes, I really need to start shopping for funding, more than likely an HML for at least my first few flips.

Following is an example on how title to the property is taken assuming the name of IRA ownerâs name is Jim Brown.

@Carl Brown thanks for confirming my thinking.