The basement is empty and we are looking to finish the space and turn it into another unit.

Jeff makes up repeated excuses and strange reasons as to why he can't/won't pay (i.e. family emergency, bank is rejecting wires, software/website is buggy, telling investors to go "f*ck their mother").I'm in a group with 30 other investors who were also scammed by him. 

Quote from @Victor Yang: If I gift a house, what amount will go towards the lifetime gift limit, the amount i purchased the house for, or the current FMV?

Quote from @Aaron Meyerrenke: Just curious if you ever ended up building? 

There are lots of benefits that come with a closed system than the downside of editing stages. 

Buy: $284,900Rehab: $115,000Holding: $16,500 Points: $3,413 Selling fee: $30,000Insurance hold: $2,000-$2,500 (maybe get back $1,000-$1500 if you close quick)Other title/escrow purchase: $2,500ARV: $500,000Profit: $46,587 (9.25% approx) I would do the deal, especially if you get that gap for rehab closed 3-4 months and tighten up the rehab costs too ($100,000)   Appreciate the breakdown!

I've done a lot of research into this and believe this is for me, but am getting some roadblocks when it comes to funding requirements and my buy box not aligning.

Before making any decision, I would get a customized property evaluation by a local Realtor to determine the value of the property on both sides of the spectrum; sale OR rental. 

The tenant supposedly had complained for months to the property manager that the furnace was not working.

I do condo plans as part of my W2, and these SF calculations can vary based on the coord with the attorney and owner as far as how the association is originally set up in its budgeting for dues.