BTW I'm not crazy to buy a bad deal but in NJ pickings are very slim in B to C neighborhoods.  

I went to a seminar the other day a learned some valuable information but it was hard to distinguish if the speaker was just boasting about their intensive class or if they actually wanted to help.

Either way, today is at $265k, not bad recovery, but still about 22% from full recovery.

Many title companies are not familiar with tax sale properties and they may have given you bad information.

I went to a seminar the other day a learned some valuable information but it was hard to distinguish if the speaker was just boasting about their intensive class or if they actually wanted to help.

Meanwhile you can use the remainder of your cash to finance multiple other deals.For a Hard Money loan you will only pay about $750 per month for each $100,000, so if you are not n the project for too long and the forced appreciation is decent, the extra carrying costs shouldn't be to bad compared to the overall deal.

I think the underlying problem here is the roofer (notice i did not say roofing company), had a bad previous experience from a different client and is simply protecting his behind from being burnt again.

That seems bad when most other places are going up, but that's me. 

Was bad!...

When I asked him why, he said he knew we'd just opened this business and it's hard to prove income and our credit was probably bad anyway.