If all your money is spent just fixing up the property so that it's habitable, you're likely to fall into the red once you start trying to make the place look good for buyers.

What red flags should I be looking for (except the 'as is').

So to recap I would like to know if it's a red flag the property not being listed?

A rent to own - we kept a majority of the down paymentJust moved a renter into a property he owned with a deposit (this was our first deal actually) And one more rent to own - we kept %40 of the down payment.Just like you we had planed to move slow (sandbag as these other folks are saying) for us that seemed the best may to make sure we stayed out of the red.

Cosmetically, it can be fixed (it looks like an out of date red brick farm house, with a torn down 1 car garage).

The red flags are there, I would avoid it personally.

A RE Investor lawyer; have the contracts drawn, signed and notarized. you can explain to your investors that as with any start-up there is going to be a lot of red before black; do your homework, know your markets

. :)Woe be it to the inspector who would dare red tag it that day with TV cameras about.

But I will add that I see the same red flags.

That's definitely low, I'd recheck his numbers on the other repairs too as that's a red flag.I can get a 3 ton system and the line set installed for right at $2k.....but that's replacing an existing system (generally something that was stolen) .