The July was completely dead.

Mind you this was the first offer we ever gave to anyone... 2 months later she called us back and excepted our offer but there were so many title issues dealing with an ex-military man who died 10 years before we met this lady (nobody reported the man dead so the wife could keep collecting his income), the VA and a host of other bs.

And my most important point is he is dead honest, every other Realtor I've met with has been a salesman, I hate sales people.

Reality is it is now or soon will be a major money pit.The true value of this property is in the dead equity which can not be successfully tapped through refinance.

It's in the kind of neighborhood where nobody cares if you do an oil change or brake job in the driveway on Saturday, or if the car has to sit until payday, when you can go to the car parts store, but I wanted to have something to cover me if they have a dead car sitting there for weeks at a time.3) There were a couple of steps in my screening. 

Looks like a DOA dead.

I need to still flesh out the who, what, where, how of private/hard/partnership financing for that initial purchase and rehab funding. 

The reality is that if you have 200K in dead equity and pulling 100K would make you negative cash flow your property is not producing any true cash flow now.

That will only take you 25 years to recover your cash, but you would have 90k of your cash dead in the water. 

If you have more questions on any of these just let me know and I can swing back and flesh out the concepts more fully.