He bears the rehabbing expense and could partner with you and flip it as you stated your exit strategy was.  

At the same time, tell him you'd like him to stay through May so you'll "cut him a deal" by only raising it $xxx when the market would actually bear $yyy.  

Some criteria might be are they receiving mail there, or do they have their own apt/house?

They're using a breezeway as a master bedroom right now as an example.Structurally (critical structures- foundation, load bearing members, etc) the building should be sound or I won't purchase the property regardless of the rest of the description I posted.Thanks for your input!

Just bear in mind your monthly mortgage payment is going to be about $150/month higher at the 58k purchase price.

Bear with me, I have to put it all in Rich Dad Poor Dad terms as I am still learning the vocabulary of the REI world!

We do have a couple of groups of rehab/flippers & they put in whatever finishes the market will bear for each particular property.

Apparently she's renting significantly lower than the market will bear.

Will Barnard I am not an expert on the specific meanings so bear with me...I think NJ is a "mortgage" state in that we use "mortgages" and not "deeds of trust".

If the deed of trust provides advances for the payment of back taxes and forced placed insurance, these are not default issues under the note for foreclosure by themselves, the process is for the lender to advance funds and add the amounts to principal and bear interest in a standard DOT.