PHX simply does not have the supply to meet the monthly growth in population so many think we will surpass peak prices by next year.

If the property is currently being operated in a manner that is not the same as how you would structure it, then the supplied ROI and Cap are meaningless.

$50K in repairs is very common in MA, @Barry Ratliff , due to the old housing stock and the cost of contractors and supplies.

It might help convince him to sell if he could participate in the upside of a rehab somehow..Supply and demand is just really out of whack right now in Austin.

Price drops for REO is based (loosely) on market supply and demand.

As with all things, you need to figure out the supply/demand situation.

Best you can do is either (1) shut the cold water feed from the outside, to at least stop the feed to the leak, or (2) find a plumber who would at least go in to "short circuit" the leak, this means taking the connection from the cold water supply to the HWH, and the hot line coming out the HWH, and connecting the two.

Gorgeous house and great progress Cover the line-sets with PVC covers - google "mini-split line-set covers", eComfort.com has a good set you don't have to order online, most HVAC supply houses and even Home Depot will sell simplified covers of that nature, probably made of sheet-metal as far as covering the condensers, I'd build a 36-40inch cute picket fence out of cute wood or PVC with a cute door for servicing.

With his construction contacts and cheap access to remodelling supplies, we should have a good start once we figure out the financing.

I have read thru old threads and was having a hard time coming up with an answer.Also, if you couldn't supply the complete amount needed for the investor would there be a partnering structure that would work where in order to learn, you could offer them capital at a better rates than hard money rates?