I then spoke with the buyer and his agent, suggesting we use a commercial lender I had worked with for over a decade, who could provide an answer within 24 hours, contingent on a new appraisal.

My suggestion if your goal is to free up some equity to use for another purchase - start small with the single family home with a cash out refinance.

I work on projects across multiple states and have a strong network of contractors.Regarding when to involve a contractor, if it’s someone you haven’t worked with before, I’d suggest waiting until after the inspection.

If not, here's what I'd suggest instead:1) Get your real estate broker's license as soon as you turn 18.  

Here are a few suggestions on how you can maximize the wealth of information available: Check out the blogs and podcasts, or take advantage of the search feature (magnifying glass).

Your feedback has given me clarity and your suggestions offered once implemented will mitigate some risks.I'm waiting on the rent roll and supporting documents for further analysis.

House needs some Interior Cosmetic Work, Wood Fence Repairs and some Plumbing Work.I want to turn and run, but I recently heard where there is a Problem, there is Opportunity.I thought this might be an interesting Case Study.Thanks for the Ideas.If the situation is as dire as you suggest, there are other bills he hasn't paid and there are likely liens on the property.

Any other suggestions?

But my suggestion for future listings.Look at days on market in the area that you are going to list.

I have started my research on management companies in the area and will take your suggestions and learn more on this topic!