Purchase price: $250,000 Cash invested: $13,226 Great location walking distance to all the entertainment!

Would make a Good Investment For A Business Enity to Use for Entertaining Clients for a Weekend Stay On the Beach. 

They are of course the worst of the worst, hence why the threads are so entertaining.

If you want to do a rough ballpark to see if you might meet this, pull up your most recent tax returns (or 2017 before you file them), look at net taxable number at the bottom of Schedule E, add back depreciation and mortgage interest, divide by 12, and subtract your P&I payment (we removed just the interest earlier, now we're including the P&I) to arrive at ballpark monthly true net cashflow, and compare to personal monthly debt obligations.In your case, the strategy might be to find a local lender that'll entertain this, take out as much as you can using Fannie money, and only use hard money once you're tapped out of Fannie money. 

There are a lot of great resources here including the entertaining and informative podcasts.

At this stage I might entertain ordering some new doors with concealed hinges and keep the boxes, soffit and trimwork.

This can be a good way to increase the value of the property as the NOI determines the value.There are some good podcasts on apartments on BP, Jake and Gino, Kevin Bupp, Michael Blank and Old Capital that are entertaining, education and quick studies.  

If you entertain this, make sure you have significant cash reserves on hand, as a Roth is a great all-around retirement vehicle... once you take the money out, you lose that spot to put it back.  

Owner was mildly interested in selling and the contractor convinced them to entertain an offer.

@Polyte Davis I'm curious what your thoughts are on why you'd entertain waiting?