Partner Driven was interested in the Burning Lane deal in Stony Point, NC, due to its high profit potential with a purchase price of $162,000 and a sale price of $290,000.

I know some people who have jumped in feet first and gotten burned, and others who are still "learning" despite going to numerous seminars, buying courses, etc.

Within the next few days I will be adding posts on (1) issues on financing legally non-conforming properties; (2) rezoning a property with zoning problems, such as the property you mentioned and 3) what happens when a legally non-conforming property burns down?

That's a fat no!.

Bad situation for having gone all out for  the lock and being burned. 

They had been burning through vendors. 

What happens if your primary residence burns down?

As I have been reading a lot of terrible experiences and stories about landlords getting burned due to tenants simply taking their softness for granted and especially taking advantage of a lot of elderly homeowners to live in the places for free and in some cases even filing lawsuits against landlords to simply make money out of them.

Generally, if you are out of a job, buying anything is not a good idea until you have that secured so you aren't burning income into a fire.

@Jim DoyleIf it’s already $50-$100k below market you can ask, but be careful as pigs get fat and happy and hogs get slaughtered.