Hi Oscar,So before you close the current sale of your property at $290k, you need to get a qualified intermediary (QI) of a 1031 exchange on board. 

There should be plenty of framing to attach drywall or cement board to.

I work in the social service world and the work being done in south lorain is laying the foundation for improvement and the city government is on board with a lot too.  

What I mean by that is the land and the buildings in their existing condition are worth much more than $300k.The $700k I previously mentioned chalks out to a pretty accurate number in my opinion and $5000 per door in repairs is a decent number unless you have some major exterior issues like roofs, foundations, plumbing, AC, electrical, etc.

I would start with the board of directors or every association I have been too has a block of time each meeting they get together with others to talk about deals for sale or needed and so on (usually at the end).

I think if I start a cult, I will go to that board to recruit first.

Maybe we should pack up and move to your part of the woods :lol:I was pretty amazed with the numbers too, but chalked it up to regional differences in property values vs. rents.

Hello, I am new to the board and have managed to purchase a small multifamily (over 4 units) that needs a gut rehab.

I would check the roof, attic space if any (look for stained boards or trusses which could indicate a previous or current leak) and a check under the house crawl space if possible for rotted joists or wiring hanging down or anything else that looks out f the ordinary.

I suppose if you were honest with your lender about the whole scenario and let them decide then you could be totally above board.