Is the 15K what's left on a mortgage?  

As a Realtor and active buyer in the city I can tell you there are virtually no "deals" left in the fan area that would make sense from a cash flow prespective.

@Shawn Foster on the top left

Not everything is very black and white, however, and a lot may depend in some situations on how much useful, depreciable life is considered to be left in the asset replaced. 

You may have real estate worth $1M but when you factor in the mortgages that have to be paid off you are left with a small percentage in many cases.

From my perspective, they put a down payment on a house, get a hard money loan to pay the rest, use the remaining for the repairs, when it's finished the price of the home goes up, you sell the house and pay off the loan and whatever is left over is yours.But I'm confused who determines the price of the home after it's been flipped and how it's determined.

This number left me below the amount I borrowed. 

I have no experience, but have read a few books that left gaping holes of info missing.

Ii did close in about 25 days, had i left it to my agent i couldve easily been 60 days. 

LOL  You left one best markets in the country to practice real estate.