Dampness in basement, step like crack in stucco in back, 2 small leaks in roof - I also want to know whether a wall is load bearing.

If this is the case, then an appraisal would make sense since the original loan amount will have no bearing on the REO sale price.

This is my first post, please bear with me.

If you are the only one bearing the risk of the deal and he's not invested at all, then it would be fair that he's compensated fully at a contractor's rate, while you reap the benefits of any upside.

I respectfully disagree.I personally use all sources of information having a bearing on supply and demand on markets im considering.  

I'm new...so bear with me while I learn how to work the forums.

Especially since here in San Antonio the Defense Base Closure and Realignment Commission's building bonanza wrapped up and many of the city's 2010 jobs announcements are bearing fruit.

We have an excellent team and have earned every bit of our excellent reputation, but someone else's good experience has no bearing on yours.  

Just bear in mind that $300 over your mortgage is probably a break even scenario depending on the scope of your initial rehab. 

This could end up being a good little property, assuming your rent, ARV and reno numbers bear out.A few things to consider in your analysis:I'd bump Vacancy up to 8%.