Michael,Thanks for the advice, I agree most is junk…I pretty much wrote off most of the areas bc I could assume what the property conditions would be like.

You would have to get this deal at a significant discount because depending on the market conditions you could be faced with a very long holding period without cashflow.Let me know if this is helpful?

The property is in good condition and is located in the center of a large town.The seller is looking for 650k but may be negotiable and possible willing to owner finance.

Units are in decent condition, one has been cheaply rehabbed the other two are extremely outdated.

Or maybe he is on Meth or just drank an energy drink.It simply seems over the top to hammer these guys for something that is seen in all social circles.It does not matter anyway, most investors never listen and never hear anything other than what they want to hear.

All new Heating, air conditioning, water heater, kitchen, floor, painting, bathrooms, plumbing, and I even added solar panels.

But knowledge of local conditions is a much better indicator than an appraisal, since appraisals are easily manipulated by simply choosing different comps.

I get $280 (gross) income from the rent, and a potential $10k profitTenant gets a unit in great condition in a good part of town for a reasonable price.Everyone wins, right?

I told them there was nothing that could be done, it's not a hazard, and they accepted the condition when they moved in.

Whether the wording is enforceable or not, most bank will not honor a conditional endorsement and you need to have a special arrangement where you verify the endorsement before the item is paid.I believe Beneficial finance or maybe Houselhold used this idea at one time (maybe mid 1990's) where they sent out $5,000-$10,000 checks and people that cashed them had an instant second mortgage, maybe it was unsecured, but the homeowners believed it was secured by their Real property.