You can easily find a turn-key property in the $250k range with cap rates around 6.

You will also have the ability to refinance the new purchase easily with a delayed purchase refinance (You can price these as a rate and term refinance), if you plan on only refinancing the purchase price + cost of improvements. 

Once renovated, the ARV could easily reach the $500k range, based on similar homes in the area.My question is: with the daycare operating in the back, would this pose any issues if I wanted to rent out the main house?

However, I've found that www.netronline.com provides the same and is more easily accessed.Ted Thomas does everthing possible to keep students from interacting, so there is no Facebook or WhatsApp group established through the organization, but there may be groups established outside of the TT organization. 

They will easily write the $500 off and save the headache. 

As Dan mentioned above, if you have something stating that it was a 90 day refund policy, then you should pursue getting that refund and don't let up easily.

@Elizabeth Goff, Sorry but the Claws of CA will not let go that easily.  

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Can easily be repaired. 

If you are already discounting I would not negotiate further, but I am in Tampa where I can pretty easily find other tenants / guests, so I guess it would depend on how important their tenancy is to you at this time.