Already I would bet you are close to that number so let's add roofing siding plumbing electric... you get the picture. even if you were to do all of it yourself I doubt you would be so lucky.

I would not be willing to bet my portfolio on it, but I would say the area is "headed for a better direction". 10 years ago, I wouldn't have wanted to stand on that corner for 20 minutes talking with a colleague.

@Claude Robinson IIIMaybe you are looking for the appreciation in the future (I don't think this property is in Bay Area based on your listing price so I don't bet too much on appreciation), but just looking at the number, it is a terrible deal.

I in the process of removing a wall just had a cad designer do some plans and now the engineer is wants tons of additional specs Look for another engineer, just like doctors, get a second opinion when diagnosing bearing walls. usually you need an upgrade of the columns and beams

Your betting on throwing 7's five times in row . . . 

Maybe other lenders interpret it differently (that last bit) but I wouldn't bet on it. 

Your best bet is friends and family, they are more likely to invest in YOU as a person, not your track record. 

I'd be willing to bet that by far, the FT investor is not the norm. 

Buying well and being flexible on the exit strategy can reduce the risk, but you bet your @** that there's still risk in the deal.

I think your best bet is to shop re-fi rates for a cash out like Burke suggested.