One crazy idea that I came up with is:Arv 210000Asking200000Use option - purchase price170000 (85%)Repairs2000Staging2000Option Cost10Marketing 1500Gross Profit210000 -170000 40000Net Profit34490So, as you can see, I would negotiate a very small option cost of $10 because I was basically doing 2k of repairs and 2k of staging and money marketing their home, all at my expense.

the owner just had a stroke and has other properities. this one is the only fixer-upper, he basically just wants out. i,m taking an equity loan on my house for $40000 for down payment, closing, and a small credit line(about $12000). my main concern is the labor charges of contractors in my area. the on-hand cash would enable me to get local handymen and cheap laborers to cut into alot of the cost of teardown and disposial. also a friend workes for a local home builder and is willing to do alot of the drywall work and floors on the side.

There are designers out there that are relatively inexpensive that help with basic setup AND there are companies like realestatetomato.com that will design the entire thing for you including SEO support.Let us know what you end up doing, we can all chip in along the way :)

Basically, you create a company, and then get the IRA to invest in the company.

Nothing beyond the most basic of reporting required for me.

The inspector basically told us this but we didnt listen, now I have been trying to sell my house for 7 months or so.

You said you would consider if the price was 436k--- debt service using those rates means 3,650/mo and basically around 700 cashflow for 24 units...basically +$30/unit a month.Thanks in advance.

Same concept?

Do you tell a lawyer the basic terms and they write up the agreement?

Basically, I'm interested in the vacancy rate of single family houses, middle income range.