They cost a pretty penny.

It is all negotiable and a reputable contractor should be used to estimate cost. As

Permits may cost a few extra bucks and may prolong the reno process, but if you care about the quality of your properties you want the contractors to do things up to code.

as i buy cash flow positive properties all the time in Contra Costa County, California.

When I talked to Wells about 6 months ago about a LOC for an LLC she said it would cost a point of the limit.Credit union would do with no appraisal or fees.

I'm sure many people on the forum have run into similar situations, is this a standard clause or am I potentially getting hosed here.The property does need some work and that is a key factor (it is being purchased at a significant discount and is not producing income) and the fact that my partner is a contractor already is a huge benefit (renovations done nearly at cost). As

Some of your biggest challenges here would be... 1) Unless there is equity the bank(s) could not approve a short sale and take it to foreclosure 2) The tenant could reck the place and run up the minimal rehab costs you mentioned when you serve him/her with a 60 day notice 3) HOA lawsuit could take a while and cost a bundle attorneys don't come cheap I suspect you must be purchasing properties like these for pennies on the dollar and that some of these deals never play out but the ones that do more than pay for the losers?

Please pardon the miss typings I am on my phone and Costa Rica at the moment.

The Broker will charge some fee for drawing up the documents and all, but this will ensure everything is legal yet not cost as much as attorney fees. 

I requested 4x as much of cost as a nonrefundable portion of the EM and two days later we signed a contract for full asking price!