So I would try to work out a win-win situation and maybe you can slowly take over their entire portfolio.

I recently picked a a unit that was a rental and they used the same color paint on everything including trim and while at first it threw me for a loop as I like bright white baseboard, molding, doors, etc I can see that it would take much of the work out of painting.

If so, as a homeowner, you have every legal right to pull your own permits and sub-contraact work out.

A local bank might be willing to setup a relationship with you to workout rehab loans where they finance the purchase and repair costs.

This was not my original intention but seems to work out great for me.The counter offer: same as above except the sale price raised to $54,900.What do you think?

It could be worked with but the numbers don't seem to work out with the input information you mentioned.Loan $30,000Interest: 11%Term/Amortization: 15 yearsP&I Payment = $340.98I/O Payment = $275.00I assume it is suppose to be P&I.

Be logical about what you will have to cover with deffered maintance, etc.I agree with Nathan, the return looks good provided all the numbers work out as you state.

I've seen it with a few properties in my area and it didn't seem to work out well.

The office I've been blessed to work out of is one of them.

My only advice is only take deals in which the numbers make sense to hire the work out for, otherwise you're just paying yourself as a contractor and not as an investor.