There's a lot that goes into it I know but having a framework to explain to an out of town buyer is a must.As for electrical and plumbing, call local experts and get quotes for redoing an entire house.

What does that legal framework look like?  

But I would frame it as, you probably wouldn't want to lend on this but maybe you know someone who would, and I'd love to bounce my framework/ideas off you.Either way, hope to see you at an upcoming meeting!

. $200 be out in one week 10'days whatever time frame works and ends on a Monday .

If you can't sell and breakeven, your Trustee can negotiate with all the lien holders and see if they're willing to give you a discount (example: if there are mechanics lien of $20,000...talk to the contractor owed and negotiate to give him $4,000 as full pay off so you get a $16K discount).I know this is quite a lengthy answer but I hope this gives you a step-by-step framework for you to solve such a problem.

The safe harbor found in Rev proc 2000-37 lays out the framework that the IRS has learned to love prefer and punish if you don't do it that way. 

@Brian Burke thanks for that analysis framework reminder.

That type of arm's length, passive income investing is well suited to the IRS framework surrounding IRA plans. 

But an orthodox Judeo/Christian legal framework frowns up on it based upon occasions/incidencts like Jesus cleansing the Temple of money lenders (Matthew 21:12, as per Google).

Based upon some of the comments, I feel the need to revisit REI 101 ... investing in RE has 4 profit centers:1) Appreciation (both forced and market)2) Cash flow (which changes over time)3) Mortgage Pay Down (ammortization)4) Tax SavingsThe above should be indisputable fact, the conclusions drawn below are my opinion based on 15 years of REI experience.If you are only looking at 1 out of 4 of these things, and you are only assessing it for day 1 and not the entire lifetime of the investment (or assuming that it will stay constant without validating that assumption with long term historical data or some other source), then you are NOT looking at the entire investment picture.The best way IMO to combine all of these things into a single analytical framework is to project out the financials making reasonable and conservative assumptions (based on long term average historical trends and/or actual data where available) and compute the IRR.