And like NYC in the early 70's it's too big to fail. 

I would want that money invested NOW, not sitting around for the almost 10 years it will take to be able to invest that much into your 457 ($19,500 - $12,000 = $7,500/year---$75,000 profit / $7,500 = 10 years).

Sit down with a lender. 

You may need to rent in the meantime because of your job changes but I wouldn’t just quit looking and sit on the sidelines.  

The biggest take away was to sit down draft goals with the person you are working with and just do one JV deal together and see how it goes.

What is an a rough estimate of where rates sit right now for HMLs in RI? 

After sitting for several weeks he dropped to $235k.

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Sometimes the houses just sit which is an advantage to owning them free and clear, no monthly payment to worry about or push to get them rented.  

I wouldn’t say the wiring is bad after sitting for that long but if it is a concern I would at least ask an electrician about it or have them check it out.