I would figure maybe a third of your rehab budget going to that early in the planning and get it fixed first because if it leaks and rains during your rehab all your inside could ruin and you'd have to pay double for it.

Below the rotted wood was the excess water that ruined the soffit below.

His equity was such that he might make a couple thousand dollars on the house after making the effort to fix it up and clean it, and paying real estate agents and other fees, so I could sort of see why he just wanted out.At first, I was planning to wholesale or bird-dog the house, just as a way to get a gentle introduction into real estate investing.After getting some advice on BP, though, I realized that if his only option to get out of the house with no work was selling sub2, there was no reason on earth for me to not purchase it myself!

First issue is that they are not trained to the level I would require to bet thousands of dollars on, secondly I would never trust the assessment of value supplied by a seller.

If I were you, I would do my research to see where the thousands of music industry folks that are being priced out of The Gulch and Music Row are starting to migrate to find affordable living.  

On a lease / option someone has space rent payments of 250, home rent payments of 250 - 300, and then at the end of 3-5 years they pay between 3 and 6 thousand for the home, which I will finance at the end of the lease.

"Don't worry -- I will ruin her publicly!

I just told the guy not to waste his time, because without two thousand dollars he won't be helped.

Yes, several times, especially in commercial when costs can be in the tens of thousands of dollars.

Always give them money - even a short sale, squeeze out a couple of thousands for their moving expenses, etc. and state that in the letter.All my letters and envelopes are printed - I don't handwrite anything, to me it is unprofessional.