Meanwhile, you need to make the improvements that will "sell" the property. 

Let me know what you guys think of the concept and how it could be improved?   

So at least $175,000 in improvements, which would have to be cash out of pocket. 

I'm looking at a property with two buildings.The first house is very well kept and reflects its fair market value - no substantial room for improvement there.

FHA 3.5% down would be a good loan program to use so you can save any remaining capital on improvements. 

Sounds like you've made some nice improvements to your property!

I know repairs and improvements are a deduction, but not what I'm focused on here.Let's also say rent is $1100/month.

This market likely won't improve for at least the rest of the year, so the window isn't likely to widen any time soon.

This not only improves supply, but creates new opportunities for real estate investors.And, based on the above Fannie restrictions, they’ll need new opportunities!

Forecasts provided by the National Oceanic and Atmospheric Agency that extend through July 31 show no projected improvement in the region’s conditions–and indicate that some areas farther south—including San Diego County—that are currently experiencing only “abnormally dry” conditions rather than an official drought, may worsen into drought status.Phil Spector’s Castle Sells in Alhambra.