Here is a numeric example to illustrate what I am trying to achieve:purchase price + rehab: $100K = $20K cash + $80K from HELOCARV: $133Kcashout refinance 75% of ARV: $100K goes pay off HELOC and keep $20K cashThanksNick

@Lora Hish for numerous reasons the property needs to be owned by an LLC.

Any explanation will help.

While I don't think your intent was to bash on us and I agree with a lot of the comments you made I've had numerous renters whom have made me cry because they got the house they wanted and wanted to thank us for giving them a chance.

@Wayne Brooks it used to be buyer had to find something major to escape via the inspection clause, but a few years back they made it a walk away with no explanation required.

There are numerous people on BP flipping in the 150k range because their market has an abundance of outdated/cheap houses, a stable mid-level economy with low crime & low unemployment, and a premium of buyers that want updated homes. 

His explanation is the tax assessors have not been out to the home since he started the renovations.

He has told his property managers numerous times and they say they can't (or won't) fix it because the problem is on the neighbor's property.

@J Scott thank you, i am familiar with a short sale but appreciate the thorough explanation. 

That doesn't count the numerous other resources that have come from this site, many of which have been very helpful in our growth of late.