If the property is in poor condition, you may have to get empty house or builder's risk insurance to cover the time you're rehabbing it.

Conditionally Refundable Option Consideration Monies is the way to go, especially with the Attorney General in many States going after "Equity Skimmers" and the like.And, the exercise price can be tied to a formula, such as an either-or: [i]The purchase price shall be EITHER the average of 2 certified appraisals who must be a member in good standing of the American Society of Appraisers OR $xxx.xxxx, which ever is higher.

Then I contend with the apartment condition.

The one thing I have learned about real estate is you can make money in a good market and bad, One simply has to adjust to current conditions, I'll admit sometimes that's easier said than done.

The following scenario is beginning to play out: I contacted a few rehabber guys from the newspaper who had ads like: we buy houses any condition cash!

I don't know the inside condition of the unit (they were built in 1973 and some a very dated - others have been fixed up very nicely).

Keep running my rental business and try to anticipate/adapt to changing conditions and rules.

When the lenders saw the financial condition of the HOA (lack of reserves) and number of units either in foreclosure or non-owner-occupant, they backed away and refused to loan.

Profile photos here and on every other social network are so people can feel like they are dealing with an actual person.

Curt, won't an appraiser give you a value for the property in its current condition?