We screen our tenants extensively, but having a proven tenant that has been there a while (and takes care of the place) is a very comforting feeling. 

.- when purchased by father in law-- building was vacant and needed extensive rehab: Roof, electric, plumbing, complete gut and rehab of interior.- he got written estimates on all of the work in 2014, and they totalled $200k.- he had a different contractor begin work on the property without permits, as far as we can tell (there is no paper trail- permits, receipts - nothing). - they did plumbing, electrical, demo interior, installed duct work, new sheetrock and sub floor,  kitchen and bath cabinet, counter, sinks, tubs, toilets, tile work, and new windows throughout.- additionally, he purchased light fixures- interior doors- and appliance packages for each unit which are all sitting in storage now.- since he did not do the roof, there is now water damage from the leaky roof, to some of the new sheetrock and sub floor.Here is where we have gotten so far:**read a bunch of info on NOI, Pro forma, CAP, and looked at other delapated multi family buildings that have sold in the area. 

Then it begins to play the gamble of how many months does it take for the bank to foreclose on the asset and how many months of rent can you collect in the mean time. 

I have, of course, also been involved in some extensive and less extensive remodels of other people's homes, including some model homes. 

Send them a bill for the situation and if they don't pay tell them your sending the invoice to a collection agency that will call them constantly till they pay. 

These flips are normally pretty extensive rehabs with large profit margins.

Figured Id take a a quick second to introduce myself to the Bigger Pocket community.Reside in Fort Laduerdale, FL with extensive back ground in capital markets investing.  

Our decision was based on a few things: we were undertaking an extensive rehab, we had little experience finding and screening sub cons, and we did not want the time crunch of high interest beating down on us.

I would contact your agents broker and everyone else involved to get an extension and an idea what you are looking at before you close

At present I have a special interest in developing a business in Assisted Living Facilities for Independent Seniors, I have an extensive clinical background and experience in Internal Medicine and Senior Health care for over 25 years as a Physician Assistant.