I think the *intent* is so someone is not making an 'income' from their retirement acount (save putting 10K of labor into a flip).So, can you take off the screen and take it in to be repaired or put a nail in that piece of trim that is loose?

The owner is in his 70's and wants to retire.

We designed the house to client specs, submitted it to the HOA for approval and learned that 1) a 2 car garage was too small, it needed to be 3 car minimum and 2) 3,000SF was too small for a retirement community, needed to be 3,400 minimum.

Scott, I owned a mortgage company, had one of the largest privately financed note servicing companies in the country and was a bank examiner before that, I'm not foreign to mortgage lending, but I'm not LMO now, I'm retired. :)

However I am also looking long term and calculating how compounding will affect my retirement given certain basic cash on cash returns.Speaking strictly about note income, it's my understanding that IRR accounts for the time value of money including principal and interest portion of the payment.

Enegelo I am the old dog If I would have just packed it in in 07 I would be happy in retirement instead I kept going and of course as a lender we got crushed. but hey I am here to live another day..I am off to Charleston tomorrow, for some deals I got going there.

He just retired, and isn’t sure if he wants to pay for all the repairs or just sell it.My main issue is there are not a lot of good comps for 2/1s in the neighborhood, they are mostly 3/2s, and this house is smaller than the rest.

I'll be "retired" in a couple years when my real estate income surpasses my corporate income :)

Most of them don't like their jobs, but they stay in for 20 years for a "retirement check."

Ultimately I'd like to end up with a healthy set of rentals 25-30 years from now such that I've got very healthy cash flow to retire on.