It sounds like burn outs aren't that worth it in your market.I have done a couple and have found them the same way I found my traditional deals.

Sorry to hear you troubles Nate.I CRINGE when I always hear an investor say I bought a "turn key" investment.So far I have never heard of one turning out good but I am sure one exists.Those kinds of repairs costs can be normal.Especially if you have an older property that is being rented out more things will go wrong on a daily basis and it will be more management intensive.The item in your management agreement I am sure will be deemed and enforceable part of the contract unless it is deemed "vague and not descriptive and un-enforceable" by a court of law.Often these "turn key" investments are not deals at all as capital reserves and upfront repairs are misrepresented.I equate it to "lipstick on a pig".

We (my wife) and I have a substantial traditional IRA available that we could possibly roll into a solo 401k and obtain a loan, but she’s not a fan of that scenario….”we’re not touching that” was her response!

If the "lodge house" doesn't work out in the long run, my plan is to simply rent out the entire place in the traditional sense.

When a property has been vacant for some time (the utility company knows this from their records), the utility company can consider it a safety hazard to turn on the utility service without some inspection and repairs being performed first.And repairs are probably something you wouldn't want to do.Also to add to his item #2, some utility companies either want to see proof of ownership of some sort, or a lease signed by a tenant and the known owner, to turn on utilities.

I have never heard of a traditional hard money lender who would only lend to an entity.

Most turn key sellers these days advertise zero for all of these items.

That's equivalent to a store missing an item when ringing up your order or a waiter forgetting to ad an item onto the check.

How do they ignore these items, you ask?

My whole thing is I am rehabbing other units right now.This lady has lived there for awhile so I know carpet and other items will need to be replaced.I will have to see if she blinks first and pays the money.