The company that manages all HUD properties (CWIS LLC) determined that the property was in too bad shape to sell via Hudhomestore.com and the property was supposed to go back to Wells Fargo.

The rentals scenario till I find a good flip deal doesn't sound to bad.

So I would expect for the seller to tell you to take a hike, and you wont have to worry about your offer.Regardless of the repairs costs, unless you have reason to expect the appraisal came to the value in error (bad comps, errors in the specifics of the property, etc), than the $340k number was never going to happen.Sounds like the property has multiple problems, and it sounds like your not an expert at spotting these and have to rely on contractors, I would recommend you run from this property.  

My main guy went to Mexico for 6 weeks and I need one for a current rehab project!  

Aaron Hafer I sure would love to know who your go to guy is.

I'm planning a trip to see you guys in Dec. 

I am a land guy so houses are not my bag.

Hey guys this Chris beginner wholesaler here.

I not by any means an expert, but I would suggest having alternative outs planned for anything you might buy for a student rental in case a project doesn't pan out.I've recently found the Tallahassee Investors Network and those guys put together a great gathering once a month that I'd highly recommend you make the trip over for.

What do you guys think?