The original wires are connected to the new breaker box.The home inspector should have at least the "plug with three neon lights" tester (which tells you if you have a ground at an outlet or not) and the "fat pen with the end that lights up" tester (which tells you if a wire is live or not, without touching it). 

.$219,000 pp (that is asking price, I understand I should negotiate)$ 60,000 repair cost (1/3 the duplex burned down to the foundation. the other 2/3 was cleared structurally and livable)$275,000 resale (based weighted on a comp, same size, same quality 2 blocks away in a similar neighborhood as well as lightly on the few others in the area I could find)$279,000$ 2,500 rental income /month ($1250/unit)$ 125 maintenance/month$ 125 capx/month$ 125 prop.

A lot of new investors, especially out of state,  have been burned by buying in rough, low end neighborhoods because of the cheap homes.

Your not buying a debt from "Fat Tony" Salerno. 

@Cassidy Burns if they're late, start the eviction process right away.

Primarily because I can analyze the numbers all day long, but there's something to be said for working with someone local... especially if you're looking for more than just a turn and burn income producer. 

They’ll have to work more than 1 job to make a living, so they’ll be burning the candle at both ends and guaranteed to drop some balls. 

They probably want to do cost plus so they don't get burned by a bad estimate.

Key here though is we are 1.5 years in and likely won't sell til year 3 so it's been a long slow burn of constant learning and rolling sleeves up/getting dirty (like physically really dirty).

I have done many commercial loans and got burned on a 5/4/3/2/1 several years ago.