I am hoping that even though prices will vary greatly from area to area, this might help put give some perspective on what goes into flipping a house.When we (my real estate agent and myself) found this property it was listed by the VA as a foreclosure for $45,000.

Originally posted by @Jay Hinrichs:@John Thedford  good luck with it.. more flippers would understand the value of a capital partner the more money they would makeYou always have an interesting perspective on things.

I am coming to this conversation from the perspective of a buy and hold guy of homes valued from about 100-180K.  

But no matter what your perspective is there are many ways to get that support and guidance you seek.

@James Miller I guess it really depends from what perspective you see it.

Otherwise, from a planning perspective, you may want to get a non-recourse loan from the onset for the purchase of the real estate--that way the other IRA funds can be used for improvement costs.

Being newish to real estate investing, myself, I'd be happy to bounce ideas with ya', if you need another newbie's perspective -- even if we can only do it virtually (though I do get out to Pittsburgh a few times a year to visit family). 

This would be the preferred method from the Buyer's perspective because they are receiving title upfront.

Disagreements will occur, but each disagreement also adds another perspective for everyone to learn from, both right and wrong.

Honestly, with a glaring error that big, I'd be inclined to throw this paperwork away and start from scratch, fresh.