If I went this route I would likely redo the bathroom before I moved in and then gradually do everything else.I appreciate any feedback.

GET A HOME INSPECTION – a non-bias 3rd party can be worth its weight in gold.

I would probably have the MTM sign a new lease and gradually raise it.

Alas even we Hard Money Lenders groaning under the weight of all that cash awaiting lending out still have people in turn we need to keep happy.Then there is the $75K minimum that Stephanie mentioned.

Gradually working your way up is the way to go building your way to success and long term wealth.

Cases heard in NY don't carry the weight out west that you think.Also, It isn't a question of whether it is "legal" to rent to an "Illegal" it is a question of the "illegal" lying about his status and thus causing risk to a landlord that the landlord should and has the right to know about.

Purchase price: $217,000 Cash invested: $10,000 Purchase the home and did a light refresh with plans to continue to update gradually over time.

it is heavily weighted i the lender's favor, and you want to make sure you don't end up having made 2 years of payments only to lose it at the end.

When advance payment is required, gradually pay in phases (15% - 25%).

Even if it cost you some money it would have been worth it's weight in gold as an education.