Remember if something goes south, you may have to keep paying the 1st loan and any other liens (mechanics liens, tax liens, etc) in order to take control of the property and protect your interest.

The property is in pretty good shape, the roof was done 6 years ago and all mechanicals within the last 5.

If you bought a $6000 Toyota Camry and you had your mechanics inspect it before you purchased it, then if this car lasted for 10 years, including repairs, the total costs would only be $21000.

You get to pick the maintenance that you do, and you know what major mechanicals issues if any could go wrong or have been fixed.4.

The only thing that matters is the mechanicals.

@Zachary Metler - It means Toledo has voted in a lead ordinance without any concrete mechanism for implementation (Dilly Dilly!!!) 

DESCRIPTION: A NET LIFE LCMO® is a thirty (30) year fixed, low cost (average 4.5% APR) amortized mortgage which is available to all applicants over the legal age of eighteen (18).MECHANICS: A NET LIFE LCMO® has only two (2) *requirements for which to qualify:1.

Just note that although the streamline now renamed to 203k limited does allow you to borrow up to $35,000 for a renovation the following minimum conditions need to be met:*No Chipping or Peeling Paint (Interior/Exterior)*Must repair all health and safety concerns - utilities, major mechanicals, trip hazards, etc.

Hey Eric I try and avoid house in the area of Mechanic st. in south bethlehem.  

We will be doing all new mechanicals and kitchen and baths, but overall it's in decent shape.