Now several years later my son wants his house back and my daughter wants to buy her own house but can't because her credit is tied up in this house. 

But this contractor comes highly recommended by my realtor who has worked with many contractors on several projects.

He owns several rental properties that he bought through his IRA with non conforming loans.

So I have a few questions:1) There are several ends that need "finished" my thought was to purchase 1/4" ply wood cut to finished then glue to the end cap and paint.

I have rented the same places out, several turnovers, without ever painting, changing ruined carpets and vinyl, etc. because I could. 

Takes less cash up front and lets you spread your risk between several neighborhoods.

If it was a $600K building and he is putting $150K down and assuming at least $150K of the debt (jointly or severally) then he could buy 50% tic. 

If that person makes a best price offer (BPO), that process might take another several days. 

I’ve been doing this for a little over 2 years now closed on my 4 th property yesterday and 5th today, today I closed on my first off market deal.Like you I’ve gone to several meetups I feel some beginners see REI as a get rich quick investment.

So I started to shoot for 15k to 18k profit (depending on the scope of work and potential risk) on the next several and finally got one.