I wouldn't mind buying this property for $40k, putting even $60k into it, then having it as a long term rental since all of the plumbing, roof, mechanicals, electric would be new- the ongoing maintenance costs would be lower than other properties priced similarly.

For properties on your tax return they will take the net income from your schedule E and add back in depreciation and 1-time expenses (roof, kichen, frence, etc) you can count on this information to be 100% until January 10th, 2014 when qualified mortgage rules kick in.

All new foundation, all new plumbing, all new electrical, new furnace, new water heater, new siding, new roof, new garage door, new drywall (house was torn down to the studs and rebuilt when moved).

If the inspection finds that a new roof is needed now I take that off the purchase price numbers.

What it two of you want to buy a new roof and the third does not?

heloc's are excellent sources of funding. it is payable in 10 years, however, real estate values will be thru the roof by then.

Total value of the duplex after running the numbers was $75k owner wants $89k.I also told him I would back up my $75k with cash after I do a physical inspection, if this place is as nice inside as he said it was.If he gets the owner to go at $75k I will have the first shot at this one.The SFH, Ughh, has mold on the first 4' of the entire finished basement, needs a complete tear off roof, and a lot of siding repair.

Typical 1/1, but in her bedroom I saw 2 spots she has a bucket collecting water leaks and the ceiling sheetrock is stained.

You can see that the 5 attached have really pitched roofs that make the upstairs feel cramped.https://maps.google.com/maps?

., electric panels, roof, plumbing, and sewer laterals.