Or if it gets nasty run up the water bill :mrgreen: I don't recommend that.

Being successful at rehabbing requires extensive experience in multiple different areas.I would rather recommend focusing on ways to build up some of your capital and learn to swim in the shallow water before you jump into the ocean.Wholesaling, birddogging, lease options, subject to's, contract for deeds, and owner financing are all ways to start with little or no capital.

If you pull some more equity out of your primary residence and can pay it down to an 80% LTV (if you have any left) and the rate should drop dramatically.With an 80% LTV you could get an interest rate around 6% and an I/O payment of about $760 plus taxes and insurance.

One final point as we all wait for cranes to drop out of the sky and building to erect themselves: The TIF, or as known here TIRZ, was just passed.

If you need to get your feet wet and want to get involved in a couple deals, drop me a note.

Rents are around $1,000 with included water. i would occupy the property for at least 2 years.

Tim, While there are GURUs out there that seem to have figured out how to navigate these waters (Alan Cowgell SP) seem to be one of them... the reality is that once you have someone lend you money you are entering some special realm involving securities.

There are some other things, pvc drain pipe from kitchen is broken from the sink to the sewer line, replace the gas water heater with a electric, a couple broke windows, storm door.

Off went the water.

They are located in a great area, about a block from the water and the city is building a big park, fishing piers, bike path, children’s playground, etc, along the water.