We are very experienced contractors and an MBA and credit scores are in upper 700's.

If it hasn't been upgraded since being built in 1970's, is it likely I will need to upgrade it?

Well, I am not an expert in 1031's, but my understanding is that you have to have the intention of keeping the property in order for it to qualify under a 1031.

.), you might want to consider going conventional...80 ARV/rates in the low 10's with 3-4 points...Regards,Scott Miller

If the situation doesn't permit having the title company do it (as in working 100's of foreclosures) then I will at least do my own research at the county clerk's office.Now, I rarely buy title insurance when I buy a property. 95% of the time I end up buying it for the buyer when I resell, so I don't like paying twice.

What I want do was compare what I have to what others have, and to know if what I have is sufficient or will I run into problems when I actually have to enforce this section of the agreement.Thank You"Tenant(s) agrees to pay all costs, expenses, collection and attorney's fee, as allowed by law, either expected or incurred by Owner/Manager due to any breach or default by the Tenant(s) of any terms of this contract."

Living in S.

Kind of to "all cash"'s point, it would be "easy" to get this to positive cash flow, but you are not taking into account the "lost opportunity" to make money from the equity!

Fast forward 6 weeks, and I've just signed the P+S on a three unit, 3000 sq ft multifamily building for 655k.

", to see how bad it can get if you continue with this deal.My only advice is to use one of the "out" clauses in your P&S contract to NOT cose on this unit.