Have you received from the seller the rent roll and his yearly statements for operating expenses etc.

and nothing but the extra expenses (catching up on the back rent) & "unreasonable" rules (no pot, no smoking, & no extra people) she might chose to leave.

They buy the property and then get hit with unexpected expenses within the first few months.

Use my free editable Net Worth Worksheet that I created to track all my assets, liabilities and expenses and what I still use today to keep my finances in line.Line up your professional partners.

Use my free editable Net Worth Worksheet that I created to track all my assets, liabilities and expenses and what I still use today to keep my finances in line.Line up your professional partners.

The hml is for $50k which includes 30k rehab expense.

@Mark Anderson, you have to do your own due diligence and insist upon seeing actual expenses, income, current leases, etc. 

No you do whats called a credit bid.. you already have your money in the deal and your expenses  and tax's if you paid those.. so what ever your owed plus late fee's and interest and foreclosure costs any money paid to senior lender and insurance any property tax etc.. all that is added into your credit bid that your entitled to.. your not entitled to more though. 

Rationalization is the most expensive word in the dictionary, and should never be used by any REI...ever.

If you get a quote on the roof and the comps support your purchase price + the repairs with a little bit more wiggle room in the budget for an unexpected repair or expense then your deal is likely a good start.