I want the deal, but don't know how to structure it since it is with the bank.

I'm curious for those of you who are trying to buy deals this way what structure are you using for your financing?

(When I say Complete, I mean new Hot Water Heaters, New Furnaces, New Roof, New Windows, New Doors, New Carpet, New Paint, New Light Fixtures, New Electrical Outlets, New Bathrooms soup to nuts, New Kitchens, etc).

What could be the circumstances that this house could sell more than $1M while the house was totally deserted with major structural issues?

I its possible to structure a deal like this.

An inspection of the structure would be in order, untreated water damage can lead to a variety of problems, including staining, warpage, deterioation of pressboard(cabinets and shelving), mold, termites and other critters.Water is broken up into three categories when determining the effects on a structure, and what is needed to be done.

By understanding a variety of ways of structuring investment deals, you will not only increase your knowledge, but you'll become comfortable crafting deals of your own.In many cases, a mentor will work shoulder to shoulder with you in the field and explain to you why certain strategies may or may not be appropriate in a given situation.

One of the contractors who was in to give an estimate mentioned my bed and bathroom doors--standard hollow core doors--and said originally they were ugraded solid panel doors for that house.

It is inexpensive AND provides prima facia proof you are not trying to structure your finances to make yourself judgment proof should your tenants (or their guests) be injured and you are held liable.Others may have a different opinion but $300 a year is protecting far more than just the equity you outlined above.I've been told by a couple different people that you can only be held liable above and beyond your liability coverage to the extent of the equity in the home.I don't know who told you that but it is absolutely not true.

Additional info to my above post that I forgot to add.I'm planning to allow the buyers to claim the tax deductions for the payments they make, taxes, insurance--this will be written up by the attorney....my understanding from title co we present them with our purchase agreement and they send to the atty for the prep of the REC then the final pkg is held by an escrow that collects the payments until the "buy out" of the contract occurs in 2.5 years.Is there a better way to structure this and or what should I be aware of tax wise on this?