The Vendor was unwilling to undertake the work to have the tanks removed and {possibly} the soil remediated - nor would he entertain a reduction in price or an escrow of a portion of the purchase price in exchange for us tackling the issue - and the deal came unravelled.Now being obliged to disclose the results of the Phase I to other potential suiters, the Vendor ended up removing the tanks some months later.Most jurisdictions in Canada will require an abandoned UST to be removed ... even it not abandoned, if the tank is older and steel, it may have to come out.

We have also entertained the idea of a HELOC, but with the interest rates being variable, I believe that if interest rates increase drastically (which I believe will happen over the next few years), that may not be our best option. 

I have to say that this thread was entertaining to read at the least.

And i'm entertaining the idea, but as you said it's vital to get the first one right.

The buyers who want to occupy will not be willing to entertain leasing

Thanks guys for the entertaining yet educational debate.Any of you seasoned REO investors wish to share the keys to success in this niche?

And they're not all "how i got rich quick in RE" type stories either - they're real life stories.I would highly recommend this book to anyone who wants to start investing, but doesn't really know how to do that, or what to go after...This is perfect for those folks, and it's a pleasant simple, entertaining read that definately won't put you to sleep!

Nothing serious, paint, a tiny bit of sheetrock repair and some light fixture updates on the older one.Anyone have a feel for how much off their asking price they'll entertain withouth laughing at my offer?

That was quite entertaining.

He was entertaining and there is some substance to his talk.