Some buyers need help on the down payment side, where others may need to just rebuild their credit.

As for scraping and rebuilding, I discussed that very thing with my PM company and they said brand new buildings would rent for the same amount as the 1925 building so why go through the hassle!

So, if lightning strikes and burns the entire complex down, the Master Condo policy should rebuild the building, your "Fire" policy should finish the interior of your unit (new paint, flooring, cabinets, appliances, etc.) and possibly even cover your lost rent while the premises are uninhabitable, and your tenant's "Renter's" policy should replace their flat-panel TV, sofa, bed, clothing, laptop, etc.Does the policy get taken out to the LLC or us as individuals?

Another option would be to find out what the costs of demo and rebuilding on the property.

You could bring in a money partner to stabilize but getting something is better than losing it and getting nothing.You could also look at selling to a land holder or a developer for cash to tear it down and rebuild something better.You can also approach your bank and explain your repair situation and see if they will help with the repairs to protect from a default and huge loss.Some small banks will do this sometimes.To the big banks for the most part you are just a number and a loan that has to be worked through.A HML loan will eat you up and I don't recommend that.A regular lender will not touch a property like that.

They were left with the final clean-up and re-building.

Pretty much the only thing we haven't done is tear down and rebuild or build from scratch.The minimum we tend to do is a complete interior cosmetic renovation, which includes all new paint, flooring, cabinets/vanities, countertops, appliances, lighting fixtures, plumbing fixtures, registers/switches/outlets, etc.

I know there are smarter and more skilled people than me, for instance I know how an automatic transmission works, but if I tried to design one, or even rebuild one I would have parts left over, better to let an expert who is trained and experienced in that field do the job, so that I can enjoy the product, right?

Joshua Dorkin Its been a slow process and since the rebuild is so extensive, I don't expect it to be done until early December.

Of course, some old mansion in a bad neighborhood might only be worth $40,000 now and will never come back up to rebuilding cost, say $300,000.