The probate was recently initiated in Illinois and he is wanting to sell to me at below market value.

Below are the numbers he gave me on the house.Rambler3 Bed, 1 Bath, 1069 Square Feet, roughly .25 acre lot, Occupied housePurchase Price: $141,000Renovation: $25,000Finders Fee: $0 (waived if I took it that day)Resell: $205-$215 (depending on finishes)Offered to sell it for me for freeSo here is the initial numbers I put together.Purchase Price: $141,000Renovation: $35,000 (I always add onto the number they give me, just to be safe)Closing Cost: $15,000 (7%  3% to buyers Agent, 1% to selling Agent, 3% closing cost)Holding Cost: $11,700 ($2,700 [points], $1,200 insurance, $7,800 for 6 months of Interest)Potential Profit: $12,300 (plus we finance our own renovation and pay ourselves)This is what it looked like:Next Post I will explain and show the demo/design and how we planned to add value to increase profits

Check the link in my initial post.

At the stage of my life i have 100% passion, drive and initiative to make REI my full time "job"...I'm all in! 

Several ideas come to mind.Find an investor or two with "bigger pockets" cash wise than you do right now and cut them in on the deal.You offer to handle everything like rehab costs and the actual work of getting it done(dealing with contractors,real estate agent,etc) and just let them use their cash to pay for the initial purchase.An out of state cash investor like me might want to get in on a nice deal like that.Another idea is to wholesale the house for a smaller but,quicker profit.Get it under contract for a rock bottom tasty price and sell it to a bigger pocket investor before the deal closes.There are plenty of hard money lenders if you want the entire potential profit .Make them compete for your business.

I was initially thinking we start an LLC and have the SD IRA's own the LLC.

I was initially looking at SFH or student housing but the asking prices are quite high.

If any customer feels they've been harmed by my actions, they can call the county and initiate a claim against my bond.

she moves out to her new home the first week of March so has motivation to get rid of this bad boy. then again, she owes nothing on it so it's not a hugely pressing need, either. i'm thinking 5-10% down and 6% interest. i could probably afford to drop 9-10k total on the project, including repairs, which is why i wouldn't want to put any more than 10% down initially, i'll need money to get the needed repairs and upgrades handled.would love to hear your thoughts!

I was initially siding with others who mentioned to find a win-win situation.