The more you homes analyze the easier and faster it will be to recognize a good deal.

I am not opposed to a flip but I recognize this is much more speculative and I am leery of that.  

Some states no longer recognize them.

Despite what my name and picture is, I really appreciate the genuine responses and I thank you all!

My recommendation is: you should only ever lower your Offer during due diligence if you GENUINELY find extra faults that you could not have been aware of earlier.

Yes, there are people on here with ulterior motives, but I think the majority of people are here to genuinely help a fellow "tribe member" - (I like that @mindy Jensen).

It's commercial, so, given the community and the rents when full ($3200 month; one unit down d/t tenant move out and some flooding after a pipe clog) an appraiser (sight unseen) estimated the value at 200K+ (lots of caveats noted in this discussion and duly recognized).  

Hungs' costs, the first thing we did was recognize that this was her first move-out experience and the resident broke their lease.  8 out of 10 leases go full-term and 77% renew with a lease-extension and most are for an additional 2-years.  

Kudos to you for recognizing the ROE. 

Does anyone out there recognize the equity in a project as part of the down payment anymore?