I would run comps in the area to get an idea of his property is worth.

Is it a good idea for me to mortgage another 500k?

So what I am saying is, it is a bad idea to play "chicken" with the IRS in hopes of gaining a leg up on other bidders at auction.  

Here are some idea: if the person that wants to invest can pull equity out of their home and use that, might be able to get a loan in that country with a sizable down payment.

It is always a good idea to chase tenants for all costs.

Does anyone have any ideas on what a fair return  would be when apporaching certain family members or associates for the purpose of investing some extra money they have in my 1st buy and hold real estate purchase.  

We've toyed with the idea of a fix and flip back home but never pulled the trigger.

We've toyed with the idea of investing in real estate before back in Chicago, but never pulled the trigger.

It would probably be a better idea to come in closer to $420k in case there are things you missed/forgot to account for.

Did not form business yet but idea is to redo everything and keep collecting the checks for next 15 yrs. my partner thinks it's not a good idea to change drywall sheets but change everything else.