Apologies if my initial post implied that I was oversimplifying things.I live and work in NYC – a market that exhibits all of the macro trends you mentioned in reference to capital preservation vs. gains and competition from foreign and institutional investors.

I apologize in advance that I cannot name our probate source here.

@Pat S My apologies, my math was wrong.

I apologize if I had been unclear.

I apologize for placing this in the wrong topic

If my post is redundant I apologize in advance, but there is a lot of information to take in on your 1st flip, as many of you well know :) I would love to get some advice from everyone, so please let me know your thoughts.

I apologize for the unnecessary confusion and stress.

i apologize if i suggested something illegal or unethical.

Ann Bellamy, I apologize for my lack of clarity.

The reason is it could just as easily go to 50% occupied and become a short sale or foreclosure as soon as they have made the loan.The fact that you are a 2 hour plane ride away trying to take on a property like this with little to no experience in a value add will make a regular lender run. ( I am assuming this based on your post but I apologize if I am incorrect ).If you use private or hard money you will have a very high debt service to carry compared to conventional lending.