See if we might be able to work out a win-win scenario to help minimize your losses. unfortunately as Ross indicated these Morris Victims are not in a win win position.. its local investors wins Morris client loses in 99% of the cases.. sad situation thats for sure.. and whats more amazing is the guy is still at it and the regulators have not shut him down

Apparently most flippers aren't finding the right properties nationally.It's the old adage, "we're losing money on every project but we'll make it up in volume".

If you don't charge yourself rent you are losing money.

Also, I bought mine furnished and depending on where yours is located and what sort of demographic you want booking it (budget conscious, luxury, local emphasis, etc.) will have a huge impact on how you much you should plan to spend on furnishings and decor. 

I would fear that if performance hurdles aren’t hit in a big way, sponsors lose interest, and then they take their eye off the ball.

I would love to have another investor or several so I can pull the trigger on these properties faster and not lose out on them.

If you decide to back out of the deal, you will lose that money, but if a home inspection reveals a bigger issue than what you are willing to tackle, you will get that money back.

If the current owner is losing money each month, he'll surely be more open to an easy solution.It certainly sounds like this place is being mismanaged.

So I had this crazy idea that we could renovate the house putting in a 2 bedroom/2 bath apartment and also remodeling the carriage house on the property into a rental unit, and we could probably sell it and not lose money or at least have an income property were we could rent out the 3 units and we could move and my son could rent one of the units while managing the other 2. 

Why spend money and lose money when you don’t have to?