Now 3k isn't squat for a return.Sure, you can pencil your way to a higher profit,  but I'd wholesale it and take 5 to 7k maybe 10k and call it a day.Good luck,Jim 

The revenues should actually be 61k but app#1 in the basement is not for rent because it requires major renovations, therefore the income is 53k.

Buy a rehab project for $200,000 with $50,000 for repairs in a suburb of a major metropolitan area?

If they pay low rent then they could still be below average for sales but make a profit.

for example  50/50 after a certain profit made?

Im doing majority of the work myself.  

He got bogged down and slowed down for a number of reasons but eventually, $125,000 in cost later he sold it for $640,000 for a nice profit. 

This couple has suggested that they receive that compensation, AND a percentage of the profits from the sale.

Is anyone actually buying and rehabbing consistently and profiting here?

Might be difficult to sue for specific performance but lost profit may be possible.A key is to make sure you can prove you were ready, willing, and able to close on the closing date.Otherwise, we need more info.