You can continue trying to work with the other Landlord to help him correct the problem.

And am I reading correctly that proof of funds is all a bank would ask for in order to set a term sheet up? 

You'll want to get some contractors to walk properties with you & give you bids.

Fairly competitive business so hopefully you won't have trouble getting bids.

The seller says it needs minimal work to sure things up via a contractor they’ve had bid the job.The pictures seem to show it’s a bit more of a job.I’m in need of a foundation company or someone that can tell me what I’m getting myself into.

Assuming the ARV of $306K is correct, the purchase price and huge expected repair bill of $65K don't make this work as a BRRR deal.

Thanks Brian,So if I understand that correctly,  I'm using the mortgage to pay off the HML, not the house. 

That may be over simplified and completely wrong but I hope someone will correct me if so still trying to learn!

The capital gain is calculated based on your purchase price and then your sale price regardless on what you owe on the property - correct?  

Looks like you are correct in your thinking!