I made contact with owner and quickly did a walk through already. 

With all that said, mine was a total gut job, so if you're just updating stuff, and can get a project completed fairly quickly, the stress shouldn't be as much. 

And if the deal is better than that standard/hurdle, the sponsors use ultra conservative assumptions to get back to standard and under-promise and over-deliver.My last three investments were in Bradenton FL (self-storage), Arlington TX (multifamily), and all over the country (MHP & SS fund).FYI...A going in 6 cap for an A or B class with a strong value add in a good location is a great deal.Hope that helps.

The reason that you just signed a bunch of paperwork promising that it was gift and you have no expectation of repayment, is that if you then try to threaten the house to get your son to pay you back, a judge is going to kick you out of the courtroom....

Unless you promised to pay for their hotel ahead of time, there is no way I would cover that.FWIW, I do keep a spare window unit that has both a/c and heat. 

After title clearing, purchase of property, excess fees, your profit quickly shrinks to several thousand dollars.

Be aware that the interest rate on that LOC is variable (typically adjusting each quarter), so have a plan (back up funds) to pay it off quickly if the rates go up too high too fast for your business model.

E.g. if this is in a quickly gentrifying neighborhood and your personal financial situation allows it, you could take a risk and underwrite it at a level where you are just-about breaking even with your mortgage +  operating expenses. 

My goal in the next year is to move from single families to the multi-family space, and then quickly to the commercial apartment space.If you're willing to chat, meetup for a drink, or let me know about other meetups in the area (San Francisco/East Bay), then hopefully we can meet and exchange information, build partnerships/friendships, and build towards our financial freedom.Cheers.

I need /want to make some quick cash for reserves, any ideas?