If you have any more detail questions let me know.

Several years ago, a few of us detailed our lending processes step-by-step here: I would like to become a Hard Money Lender.

If you need additional details please let me know.

Borrowers will be provided an upfront disclosure detailing this information.Contractor(s) Acceptance: Loan does not “approve” contractors or refer contractors.

It is an off market deal, and when the owner sent me more details, one of the bullet points read: "The siding is asbestus but the house just got completely repainted and it is sealed."

The government agency sent in a lead inspector, who wrote a long report detailing where he found lead paint, and where he "assumes" there to be lead.

The details are: Purchase Price = $425,000Repairs Needed = $50,000Terms = Land Contract- 7.5% down at 6.25%-20 year am 5 year balloon.

Great, solid info with a blue collar work ethic undertone.https://jakeandgino.com/how-to-buy-your-first-twenty-five-unit-apartment-complex/https://jakeandgino.com/buying-your-first-multifamily/ - 25 podcasts that will get you started@Todd Dexheimer Pillars of Wealth Podcast and BP articles - Very detailed, hands on information

Here are some preliminary numbers I ran: 260K FHA no repairs and current rents on left, 300K 203K, reno and higher rents on right: % Down Payment 5.00% 5.00% Down Payment $13,000 $15,000 Remainder of closing costs $3,000.00 $3,000.00 Total Due at Signing $16,000 $18,000            Mortgage Rate 4.60% 4.60% Length of Mortgage in years 30 30 Monthly Mortgage payment $1,266.00 $1,461.00 Taxes $386.00 $445.00 Sewer and Water $50.00 $50.00 Trash $50.00 $50.00 Heat/Utilities $ - $ - PMI $ 180.00 $ 208.00 Cap Ex and Ops $200.00 $200.00 Insurance $65.00 $75.00 Mgmt Fee $165.00 $165.00 Vacancy $132.00 $132.00 Total Expenses $2,494.00 $2,786.00     Unit 1 $500.00 $700.00 Unit 2 $900.00 $1,100.00     Total Revenue $1,400.00 $1,800.00     Cashflow/month ($1,094.00) ($986.00) Cashflow/year ($13,128.00) ($11,832.00) Cash on Cash Return -8.42% -6.57% I have not talked with the seller in detail yet, as I want to see if this is worth a deeper dive first. 

Details of who is responsible for what.