So it cost you a few hundred bucks to move forward with confidence – then you start making money.Best Case SituationYou uncover some real warts on this frog.

This time is spent uncovering what we can about the seller.They are motivated but what is motivating them to sell, once we get to the true motivation we try to structure a deal that gets a fair price (for them and us) and solves the problem we can then capitalize on their motivation. 

There is going to be much more information uncovered as you dig in.

We mostly want it to pay for itself and hopefully make a small profit until we can retire and use it as a summer retirement home.As far as income and vacancy projections, a quick internet search uncovered 2 other similar cottages nearby with availability calendars and price rates for the next year.

What questions can we ask them to uncover any red flags?

What questions can we ask them to uncover any red flags?

However CT favors the tenant over landlord so they will not be so nice to you if there rent is up to date they may enforce the guest leave or find that certain circumstances make the guest a permanent resident.

It is also so nice to be seeing first hand how it works to use other peoples money and to pull equity out of a property to buy another one.

I came into this deal thinking it was going to be a base hit, but with all these uncovered issues, it's starting to look like it will be an ongoing headache / cash killer and not what I had originally planned.

They uncovered some foundation issues that made it impossible to recoup the cost of finishing.