"The only ship that doesn't float is a partnership" - make sure everything is in writing, you set expectations, and you've got the five D's covered: death, disability, disinterest/dishonesty, drugs, and divorce

People with money problems are no different than people with drug problems or other addictions.

Well, first of all, your lease was over last September, your rent is somewhere around 66% of market rate right now, if I renovate I stand to gain at least an additional $400 NOI above-and-beyond what you pay, and then of course, there's always the facts that YOU'RE A DRUG ADDICT, THE COPS TOLD ME TO GET RID OF YOU, AND YOUR BOYFRIEND SKIPPED OUT OWING ME TWO MONTHS RENT."

On another note, you do realize any house left unattended for lengthy periods will expose you to a multitude of problems, for example:Mold, rodents, insect infestation is almost certainCarpetbaggers, homeless, and or drug addicts may become a problem that could ultimately be your responsibilityWhat is the city ordinance?

(Durr Drug Co. v.

(Durr Drug Co. v.

City road ends at park entrance.Considering the land price, infrastructure setup cost each lot cost was coming around $7300 which was very attractive even though most of the houses on them were old and needed good repairs.All other lots except the 59 were in considerable good condition and our due diligence showed that whole park value is going down due to these 59 lots mismanagement for 40 years.As per owner rent collections were around $7200 per month and most of the tenants were very long term (average rent $400 per home) which he receives in cash so bank rolls available to validate.As per our estimate, each house needed 7k to 8k repair to make it livable.Negatives:These homes/lots were owned by same owner for 40 years and he neglected everything which includes tenant quality, infrastructure (such as overgrown trees, bad homes still in the park which should have been removed years back, 3ft- 4ft potholes on the road since its privately owned).Most of the tenants were convicted or had some big felony, these houses were famous for drugs cartels in whole city.After buying we realized things were way worse than what we assumed in due diligence:People staying there actually were involved in gang wars, prostitution, drugs etc.

When I put in an offer now, I feel like I'm doing drugs it's so cool!

He appears to be strung out on drugs and actually creeped out a contractor so bad he left the job site.

After I helped clear out the drug using /dealing non-rent paying people that were taking advantage of this guy, he tries to back out!