Valley stuff is flying off the market lately so I'm betting you'll be good to go!

IMHO its not too difficult to source a realtor and put it under PM on your own.Otherwise you can source in san bernadino and riverside counties and bet on the appreciation play locallyPrices in OOS markets are the same as they were in 2006 so be careful...

Once it's fully finished I'm going to refinance the house and buy another house.

Our plan is underway and it is looking like we will be able to complete our first cash out refinance in a couple of weeks!!

Hi Basit, she does live there anymore & was removed from title on the refinance.

Even if you are able to cash out on it, you really won't be making any money, especially when you factor in vacancy and repairs.If you are set on this being an investment property and you are sure it is worth $210k, your best bet would be to unload it, take the cash and move on to something else that would be a better rental.

Buy it at below market value, rehab the property (adding that good forced appreciation), rent the property out (you just rehabbed it so the rents will have to go up, hopefully), then refinance the property and take the money out and do it again.

It sounds like my best bet is to talk with the current owner and try to get him to sort things out prior to the closing.

Fix up the house, refinance or sell or rent out or do what I do and sell to a Tenant Buyer and get a big down payment and let them do the rehab.

It is infectious, and I would bet Dad would soon be on board with your line of thinking.