It was a new luxury ocean front condo selling by the developer.

For example:- Do people require receipts from the developer to confirm refurb costs?

The way I typically view vacation rentals (Beach/Snow) is that you will pay for the mortgage and the expected revenue minus upkeep/ property management will possibly pay the HOA/Taxes/Insurance.  

We hold a real estate portfolio of single family residential property, multi family, commercial development, commercial buildings, and hotel properties.

Damon Flowers is actually the developer of this and I know he and Phill pretty well.

For you to get a discount you need financial distress and distress on the condition of the property.Now... for the other "really beat up house"... you should be able to turn that into money if you get a developer buyer.

Work hard and do well in school, develop your basic life skills and most of all HAVE FUN.

I listen to podcasts to and from work and browse around the forums after the kiddos go to sleep.My ultimate goal is to get into developing properties or spec homes, while maintaining rental properties that cashflow.

Many builders and developers can't seem to finance larger acreage developments and multi home tracts using traditional bank financing, and most of the developed land that was developed prior to the real estate crash of 2008 was absorbed in the last 5 years by larger nationwide builders.

Equity gets a preferred return of 8%, then I get a developer fee of 6% of costs, then all add'l upside is split 50/50.