Thanks for all the responses, I think my gut it right to exit now, unfortunately my contract is no contingencies and so while I haven’t paid an EMD yet I will likely loose it.In the future I’ll make sure my agent has some kind of contingency in place, he was adamant that no contingencies is the way to go which ultimately he was right as I got the property under contract for 34k under asking.

My first instinct is this is great!

Your gut feeling on if you align with this person/group is almost certainly right, this is a time to listen to your gut.This situation can be very attractive for a development partner if it is contributed as equity into a partnership.

Am I looking for a complete gut or something that is outdated?

As a follow up to this- the property needs to be gutted from roof down to subfloor.

(potential for 4 or 5) priced @ $135,000.  2 of the units need updated,  potentially just gutted. 

I gutted and remodeled the Master bathroom and put a new central A/C unit in.

Full Gut --- sqft x 30-35 = rehab costExample: 3/2 rental with 1150 sqft that needs a new roof, HVAC and all the goodies inside (Number 4).

I imagine the same is true for customers who have hired contractors against their better "gut feeling".

My first instinct was a HELOC, but the first lenders I spoke to pushed the refi.