The garage has drywall that was painted about 13 years ago.

I guess my situation could be worse, but I have a great multifamily under contract which very conservatively needs about $20k worth of work to be 'nicely' fixed up- new stucco, paint, carpet, updating bathrooms and kitchens, etc.The problem is I already have an FHA loan, and won't qualify for the ideal FHA 203k program.

You choose to set up an entity (i.e., C Corp or LLC) for the legal end and you can later make the S Corp election for either entity to take advantage of the tax aspects.In other words, an LLC and C Corp that elect an S Corp status are treated exactly the same for taxes.

Once the file is uploaded, you will be able to right click the photo and choose "Copy Image Location."

Holding 20 years you'll probably get a new roof, appliances and how many paint jobs.....The neighborhood will be 20 years older,that 100k ranch style could be nearing 40/50 years old.

I get investors all the time looking for a property with just carpet and paint that want to pick it up for less than list price.The problem is that so do home buyers.They do not have to make the spread for a flip or hit certain numbers for cash flow.If the home buyer puts in carpet and paint and only picks up 5k to 10k equity with current market values they are happy.So to recap all things being equal many asset managers will take a chance on a finance buyer if it nets them much more.The asset manager might be telling the listing broker to work the finance offers to get to close and achieve a higher net.If the property needs considerable work that generally weeds out the home buyers as they can't get financing.

I have seen termites eat floor joists out to the very edge and leave the paint intact.

As a newbie I would gladly choose the $400 for 4 hours because I want the extra capital and I have loads of free time.

The house was not maintained at all and had many small issues such as leaky sinks, paint, deck issues, exterior doors, leaky gutters etc.

I wouldve had about 8k in the deal including EVERYTHING (repairs,utilities, holding time, taxes, transportation costs, contingency etc) but i felt putting in 8k and selling for 12.5k (350/mo @16%, 48 mos) wasn't a wonderful return. 12.5k sales price was with repaired walls, new HVAC system, new paint, but not replacing flooring and several soft spots in subfloor.