Minna try helping them realize how much more beneficial it is if they can give you a closer "range" of where they came in at....

If you don't get a buyer, get out of the contract using your inspection or financing contingency.

It should only take you a few minutes to set up an LLC after you have had an inspection.

I also need a termite inspection, electrical inspection,

I could see the tax benefit of doing flips in a tax advantaged manner but, that's a lot of work for a benefit so far down the road (maybe for someone closer to retirement it would be a different story and an interesting scenario).

Will need to get a closer FMV but it's around $51,000 and $54,000 fully fixed up and ready to rent/sell.

I was hoping to start out with something closer to home but this seems like a great deal and nothing around here seems very feasible to me for my price range (must be sub 200k).

This type of drywall was produced with materials that emit toxic hydrogen sulphide gas and other sulphide gases," says a copy of one home inspection report obtained Canwest News Service on an affected Florida home where Chinese drywall was installed.

.- What about lawn care, accounting costs, legal costs, termite inspections/treatments, advertising, utilities during vacancy periods, etc?

Wouldn't you rather be investing closer to home?