I personally have a few "turnkeys" with the majority of my holdings being pretty far from turnkey.

My biggest fears are getting stuck in permit hell and opening pandora's box by doing a major renovation.

A majority of the stuff out there I evaluate for clients the numbers are off from the stated cap.

The major thing affecting our decision right now is this number and I'm unsure how to handle this.

In SW Florida, houses that don't have major issues such as Chinese drywall appear to be priced about 10-15% below average retail asking prices.

I am friends with multiple attorneys, my neighbor is an escrow officer (who did our personal home's refi at rock bottom costs), we have a terrific realtor, and my father owns a major home inspection company (www.homecert.com <--hopefully posting links is acceptable).

This is pretty tight, as many investors like to be at 70% and below (depending on the area)You have to make sure no major repairs are needed so that you can keep most of the profit in your pocket.- This is what you do.Have a local real estate agent pull sold cash comparables in the area within the last 90 days.

It needs at almost total renovation (siding, roof, and some floors are the only things that DON'T need major work right now).

page=1#axzz2rQTi3H9wI've followed other cases, too, and most all seem to be related to blatant, over-aggressive and wholesale application of this law.For the living, this is a painful situation to be caught up in.The major takeaway is that A.P. is a tool of last resort, not an objective to search for scenarios to apply this law (which is available in all 50 states).

This is majorly problematic and leads me to think this is a cloud of smoke and they have no idea what they are talking about.