This is important because the depth of frost penetration may or may not be an item of concern when determining the repair type (depth of repair, etc).

Travis, I've done a lot of research and talking with mortgage companies regarding mortgaging small amounts like what you have done here and I'd say you did pretty good - probably about the best that can be done with traditional financing for such a small amount (relative to the amount financed for average home mortgages).

Based on the numbers you provided, an all-in cost (acquisition of $50k plus rehab of $22k) is $72k which is 58% of the ARV (the low end you stated) which makes for an extremely good deal if the numbers are what you stated.I would also add that $22k for the work you mentioned seems low to me unless you are working with very low end items.

Does tenant pay for it all including hvac and capx or are those two items + anything else "major", the landlords responsibility?

On Windows XP or Linux and Firefox 3.6 use the Copy Image Location entry.On Windows XP and Internet Explorer 7.0 use the Properties menu item, then copy and paste the "Address: (URL" property.

Northwestern Illinois has traditionally been a good market for Lonnie Dealers as there are absolutely no street dealers in that part of the state, and smaller communities do not have strong sales programs to control their infill needs.

Mark, I too think prices of many day-to-day items are only going to increase as the value of the dollar declines.

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!