You will need to either get a screaming deal, like 55-60% of ARV, less repair costs, or have cash from another source.

I thought about putting this in the landlording forum, but the general lesson here really is important for landlords, flippers and anyone who works with a property that will need repairs (i.e. most of us).This isn't the first time I've seen this problem though it's the first time it's impacted me directly.

Usually this means they've already done the dd to know what repair costs and such will be.

Are you even slightly aware of the problems many condo owners in Florida have with their Boards, with escalating dues, with (perhaps non-existant) reserve funds and repair and maintenance that needs done, not only to the building but also to the common areas, with control freaks?

Subtract the $10,000 in repairs, then another $10,000 for our assignment, and you get $29,500.

I read the lease with calm in my house and there was even a clause that states that I need to wait 15 days to something be repair.

I always using the home inspection contingency clause and luckily have only had to use it to opt out of a contract once, when a seller would not make the necessary repairs or reduce the price.

The rule of thumb is that to make a profit, you must buy a property at 70% of ARV, less the costs of repairs.

The city actually requires you to have inspectors come in and approve the property - because it has been vacant for 3 years and now lost it's Certificate of Occupancy - I have an idea of what it is going to take, but from the windows to the walls to the fixtures, switches, plumbing - the works needs to be repaired and I need to do the labor to cut back on labor cost.

But when you purchase a really cheap house you have to take into account that there will probably be more things to repair and replace - potentially costing you more in unexpected costs.