We understand financial education is the most important form and since it wasn't taught to us via schooling and minimally at home, (our folks are middle class) its on us to learn it here with the pros.

As you can imagine the rents received upon rehab will determine the forced appreciation and future cash flow.If you bought this house and upon rehab the rent will be minimal then I do not think it was a good buy for the work involved.

That will do a lot of bad things to your plans.I don't know anything about the deal other than what you have shared, but I strongly suspect the owner knew about the dentist, or minimally he suspected the dentist might be leaving, which is part of his decision to sell.

Since this is a Freddie Mac property that does not allow assignment I'm thinking the best way to do this is to not have a double closing and instead just have her Quit Claim Deed me her title privately though a lawyer to minimize two separate title searches, title insurances, etc.

Definitely trying to have enough spread to minimize the chance of loosing money. 

@Glenn Gray The appreciation rate will be minimal.

Small kitchen, not changing the footprint, he can get a low cost product and fabrication cost is minimal might do it.

Wait for the pitch that you know you can hit.Good luck!

on the other hand, you gain valuable experience.my goal is to minimize the amount of time on the project as much as possible. doesn't always work that way though. :)if it's a hobby, then I don't really consider the time involved as long as it doesn't interrupt your day job and the wife is okay with it. lol

My objective here is to use minimal cash outlay for this long term buy and hold venture.