You can buy a race car with a CRAPPY engine, and then go out and share tips on how to win the race by going to driving school, and teaching others how to take the perfect turn etc. etc.No matter what you do, if you are basing your success on anything to do with a list.. you are setting yourself up for failure.

-If any architect, draftsman, engineering, or permitting work is needed on that renovation, this will likely cause delays 2x what they used to be.

The very first day we went binding I got an inspector out there and this is what he found:- A questionable foundation (recommended a structural engineer check out because soil has been dug out around support pillars)- Plumbing issues (multiple leaks and some cast iron pipes)- Recommend a termite letter due to visible signs of wood damage in a small area- HVAC nearing end of life- Some mold present in crawl space- Electrical: none of the outlets are groundedThis is not an all inclusive list, just the more big ticketed items.

I did my initial walk through and noticed a concrete (poured or block, not sure w/o disecting further) wall in one of the lower units .that leans out at the top considerably,(4-6inches) , structural engineer says its structurally safe and the wall is out of plumb.

Write down what you want and reverse engineer that plan and see if buying this property is going to take you there, if it’s your MINS 👍

There are closing costs, demo costs, tax and insurance costs and professional fees, like engineers and architects.Thanks

Also consider engineered wood over vinyl....vinyl is just so, well, cheap looking, I hate it, even for a rental..... 

Consider this: as an engineering firm we help you evaluate before the purchase this question... can it be removed off the FEMA Flood Map?   

Or reverse engineer to see what % of ARV minus repairs they are buying atBack out your fee, and offer there

The ARV stabilized value is $3.35 millionI paid out of pocket for the land and Design/engineering after LTC my loan will be $2.34 millionit is 15 units at on average $1400 per unit.