Then if there are 3 points (on the ~$71.2K purchase + rehab parts) and some other closing costs you will probably need to have minimum $22.5K to bring to the table just to get your foot in the door.

We did a lot of Jeeping when we lived in Colorado, but that day, having a 1,000 foot vertical drop only six inches from our tires was a THRILL.

But it sounds like you will be footing the bill .

Find one on close out for less than $1.50 a square foot.

Well, for one of them, the next few years has arrived and the foundation work starts tomorrow.You can see the whole story here...http://www.biggerpockets.com/blogs/3976/blog_posts/29654-foundations---the-sky-really-is-fallingOn the bright side, that makes this unit about $23 a square foot so it's still not looking like I overpaid...

Legally there must be access to it-of course, so We built a wood frame from the house- think lattice/trellis look with better support to the panel box and 15 foot deep along side of house. boxed in the actual panel with a swing door for access- very easy. we created a small very nice garden area with plants and shrubs, growing tomatoes and peppers. sorry for no pic -sis is out of state-

Bingo.

I have recently met with the owner to present my proposal and have to come to this conclusion thus far.I am offering a purchase price of $230,000 based on $82.2 per square foot for owner financing terms at 8% interest rate for 30 year term with no balloon due..Break down:$230,000 at8%= $1687.66 principal and interest payment.Taxes= $1314Insurance=$2060 for $299,000 of coverage.Total cost for monthly payment estimate for P&I, Taxes and Insurance=$1968.82Rent roll:APT.

If you already had the land excavated and and were talking about the cost of just a simple metal storage unit building, you can do that for right around $18 per square foot.

You can buy a 2,000 square foot house in Michigan for under 200k with great schools, low crime, no gangs, the best drinking water on the planet, and four seasons.