I am trying to work out a couple scenarios for him to just be done with it minimizing loss and stopping continued loss from his IRA.

Many of these homes are now on lots that would only allow minimal remodeling and in many cases if the homes were destroyed the lot would be unbuildable.There are many nonnumeric things to consider.

Yes, I understand wanting minimal maintenance issues, but close to a quarter million is probably too much to pay to avoid them.I did a realtor.com search of homes for sale within 10 miles of Hendersonville.

Guys, this is all great info...Question,Since these hedge funds seem to be content with low cap rates, and doing minimal work, whats the outlook on them jumping up the ladder on wholesale buyers lists?

It would seem to me that banks aren't very motivated on vacant parcels, as the holding costs for them is minimal, so why not sit on them until the market comes back?

., and that allows you to minimize risk.

Other than that, I would expect to pay points (origination fee) and perhaps a minimal loan prep fee (no more than $200) at closing.Any other fees and I'd negotiate them away...

It takes away our options which minimizes our leverage.Personally I'm not a big fan of email blast unless it's a property type we don't typically deal with and thus don't have a lot of buyers for.

We have had some horror stories, but in almost all cases had we been more diligent we could have avoided them or gotten the tenants out sooner and minimized damages.   

The Blackstone funds are interesting in that they (minimally) file a Reg D, don't disclose revenue, are LPs, and are exempt from further filings.