I would be curious to find out what a foundation specialist would say about this particular problem.

At the end of the day we have to make it function like a business, keep the tenants happy and keep the owners from getting sued.It's a relationship business not an object business.

I spent 10 years in the Marine Corps as an Environment Management Specialist and another 10 years in my primary occupation as an Electrician.  

If your objective is to get as much cash out as possible it may make the most sense to fix it first if you can borrow the 13k at a low cost.

Thanks for the replies, helps me solidify my thinking about my objectives and how my strategy fits.Mike , I have worried abut the low income demographic of the community.

It has withstood years of abuse and is great shape but has not been cleaned/stripped/buffed in years and really looks rough.These are not large areas (maybe 450 sq ft) so I don't really think I need to hire a specialist.

Can't really speak to the question of how much of a FICO hit you'll take on the refi or how long it will take to recovery.If you refi claiming OO status, then move out right away the bank might object.

Chad, you may want to refer to the 2% 50% guide many investors use to evaluate a potential property. a 90K purchase price should generate gross rent of $1800 a month. many investors settle for much less 1 or 1.5 % of purchase price if appreciation is the prime objective in the more expensive upscale markets. ( given your rent this is not an upscale area).

i have a property I just purchased (last week) and am considering either rehabbing (2 unit) or selling out.Purchase price (total HUD) 12,300 or soRehab needed $25,000would rent for about $1100/monthOffer 1 is $16,000 cashoffer 2 is 12,000 cash and $800/mo for 7.5 months.How can i objectively decide between A. fix and rent, B. offer 1 and C. offer 2.?

I'll pile on with the same sentiment... the objectives you consider for satisfying your requirements for a personal residence will typically be wildly different than the ones you consider for an investment property.