It would need a complete interior remodel of everything, floor to ceiling.

Our maintenance man went today and said that the ceiling needs to be removed and one of the bedroom walls where it was leaking.

Check too for knob and tube wiring that was added after the initial build, often covered up in a lowered ceiling too.

Does the implied interest rate need to be compared to state usury ceilings and such things, or is this type of commercial transaction between two entities generally exempt?

In Atlanta, they have stipled ceilings.

The main reason is that you don't know exactly what is going on behind the sheet rock and all the problems that come along with the things you cannot see with your eyes.With fire damaged properties I can tell you from experience if it hit the sheet rock on the ceiling, just go ahead and budget for having to seal the attic COMPLETELY and OR replacing much of the framing.

So that if I get a house with several water stains in the ceiling and I don't know where they are coming from I would add a 20% buffer to my plumbing and drywall work in case I got to go fishing for leaks once I start running water.On the other hand, is there really a lot of risk in say, paint or appliances or landscaping?

I am about to make my first offers - single family "low retail" -- ie. 100k house for 75-80k - virtual move in condition, but might want to put 2-3k in for "updating" -- these homes have newer heatings systems, new windows, (3-5 yrs old) - and vinyl siding - move in condition, buildt mid sixties.Basic plan: Purchase 1-2 single family homes per year in the Waterville – Winslow area, price ceiling approx. 80K, in well-kept, desirable neighborhoods, that need little work to get ready and that will generate breakeven or small cash flow.

The only bad point is the ceiling in the dining room which has a wet spot.

My clients give me a ceiling amount such as $500, if a repair is less than $500 I take care of it and deduct from the owners next draw.