At that point you would have three items 1) your adjusted basis 2) your depreciation recapture (25% tax IIRC) 3) your gain (taxed at 15-20% IIRC).Your basis throughout the years will change as you decrease it by taking depreciation, and increase it when you perform improvements which will then be depreciated.

This all comes down to momentum and performing some or all of the above tasks in a consistent manner or a long period of time (greater than 6 months).  

Seems like it would be best to call the bank and tell them you want to find some one to pay off this under performing note.

Detroit could be a difficult task for an investor that isn't local.

Although it was a stressful and time consuming task I am glad I went through the experience as it has helped me learn a lot about myself and rehabbing.

From talking to these investors, they have yet to hear anything from anyone on any of these properties as they are performing notes. 

Most of the companies we invest in though have long track records and we ask how they performed in the down turn, what their worst deal was, and what their plans are for the next down turn.

She will trust what she writes more than what you put down on paper.Once you have arrived do at the framework of a deal, list out a simple list of terms in about 6-8 line items then a list of documents that will be required and tasks or conditions that are to be met be each party. 

I have schedule E's, copies of leases, and building inspections have been performed.  

. $70K purchase price and $100K value), will lender perform a cash out refinance right after the purchase?