The property is in a good area and potentially a good deal, however, the piers are the question.

Whenever I come across these type situations and if I still want to do the deal I have the borrower sell the property to me for the loan amount and allow him to buyback the property if all payments are made and the “loan” is paid off.  

So make sure the reasons aren’t protected reasons and be prepared to defend those reasons to the government. 

@Calvin Pringles This is your own thoughts and opinions, every investor have their own investment buying criteria.While Accessory Dwelling Uni (ADU) is a simple easy solution to competing for a small multifamily, they do have their own drawback as well.Goodluck to everyone trying their best to make a deal happen.

I'm going to guess they are also managing the place and are taking you for a ride-they either sold you something that wasn't turnkey or they are bilking you for repairs.I'd go and tour the properties yourself, hire your own inspector to go through and do an inspection and then get repairs done or sell if you don't want to deal with it and get rid of the PM (assuming they are connected with the turnkey company you bought from). 

I also found a more experienced investor to partner with on this deal so it was a great way to learn and prepare myself for owning my own property.

For sophisticated sellers with highly marketed deals, invest extra time in thorough due diligence.Next, assess the property's condition and estimate renovation costs.

I have worked a few wholesale deals and could ask for template.

About 95% of people I have talked to that have preached to me that they are getting into a great deal in these area for these prices, end up wanting out and are trying to offload. 

The regulations need to be taken into account but finding a good deal in these markets is easier than most.