Your insurance and taxes are killing any shot at being a good deal.Mortgage Rate 5.50%Length of Mortgage in years 30Monthly Mortgage payment $1,703.37 Taxes $766.67Sewer and Water $150.00Trash $100.00Heat/Utilities $100.00HOA $-Cap Ex and Ops $150.00Insurance $416.67Mgmt Fee $390.00Vacancy $312.00Total Expenses $4,088.70

Do this while making a plan with her smart relatives.Imagine you have thought of this...The Jeff of the OP might not be set up to do loans in the state of NY - he is out of CA state.

I did exactly as I stated in the post above.Unfortunately, that doesn't solve the dilemma of the OP, since the OP ahead of time had not known better to do as I have advised here.

I think the OP makes no sense.

And why we need more participants.There are SO many plays in the OP's deal I can barely contain myself.

Originally posted by Steve Babiak:Since the BP photo gallery got shut down, the picture that I posted in the OP on this thread isn't there any more; here is what it was supposed to be:Enjoy!

FHA will finance flips that have been held fewer than 90 days, but you'll face additional scrutiny as the seller.Also, the OP should keep in mind that getting a conventional loan will be very difficult on a rehab project, as underwriters will want to see that the the property is basically move-in-ready before they underwrite the loan.

So I guess my OP is about the times we live in today in which (I think) there are more accidental landlords out there given the housing bust and consequent recession.

Add these:DIY DO IT YOURSELF-EMD, ERNEST $ DEPOSIT-EV, EXIT VALUE-FC,FORECLOSURE CONSULTANT-LOA, LETTER OF AUTHORIZATION-NPN, NON PERFORMING NOTE-OP, ORIGNAL POSTER-P7L, PROFIT & LOSS-RTO, RENT TO OWN-VA VIRTUAL ASSISTANT

This is done mostly by big banks and goverment owned properties where no one is around to maintain the houses....First, I agree that the proposed transaction seems like the OP can end up defrauded.As to the question in the quoted snippet: If somebody has a house in NJ, near the beach, and only uses that place in the summer, then winterizing it would be a practical way to avoid paying heating bills (I'm not going to recommend that anybody do that, but that is one legitimate non-bank reason for winterizing).