The owner wants me to spend a few thousand dollars to pay her attorney to negotiate a short sale with the bank that may or may not work out.

Anyway, we've had abysmal luck with contractors in Denver (so much work out there due to the hot market) so the rehab took longer than expected (8 months) so we carried 3-4 additional months of carry costs from the original plan but all in all worked out in the appreciating market.  

I am new to bigger pockets and I love working out so if there is anyone out here that is near Dallas Texas and wanting to get fit or just work out, we can plan something out!

As of last week and my emails, they seem to have connected.I'm sure it will eventually work out, but as with good lessons sometimes, you pay for the experience. 

Here's a very basic formula that would need to work out in order to BRRR successfully... keep in mind, this doesn't account for your rental portion, just the buy, rehab, refi portion. 

Let him know that you want to have a chance to sell it with the plan you mentioned and if it doesn't work out then you'll have him list it.

I am sure that I could work out a reasonable deal with either my parents or aunt/uncle if I didn't want to pony up the full 10% for property management company.What's your take on 1 local property vs multiple long distance?

In this scenario, I would say that if you can get them to agree to 114k-133k, it would be worth your time.Be sure to use the awesome tools BP has available to make sure your numbers all work out though. 

If so, in your (all of your) experiences, does that work out the majority of the time?

Let people know that you are sorry that things didn't work out during that guest relationship.