After reviewing the mechanicals, we decided instead to fix and flip.

If it hasn’t been updated in a while, I’ll assume the more expensive mechanicals and roof haven’t been updated either.

Call George at GVK Mechanical Services for HVAC.

They look at the mechanical systems, electrical panels, age of certain machinery, they often check for mold and mildew, whether there are GFIs where required for safety... a contractor will just tell you how much it will cost to do the mostly cosmetic work, like nee cabinets and counters, etc, but they don't look for the same things... drafty doors, unsafe windows, smoke detectors, those things.

You'll need to submit drawings, installation instructions for mechanicals etc., probably very similar to the process you've been through in CT.

Also what condition are the mechanicals in?

Mechanical Engineer looking to get starting in the real estate world.  

Still need to verify other details, but what I know is this:- Client has declared bankruptcy- Client has a Mechanics lien on house for 16k- Client owes bank 900k, and house (not yet verified thoroughly) is appraised at 550k- The appraisal is before client leaves house, which will have some further damage to it

If you're looking to do mid-level rentals with appliances like Frigidaire or GE, engineered wood flooring or laminate, and the mechanicals are in good shape (electrical, plumbing, HVAC doesn't need to be replaced), you're probably closer to $50 PSF.

Seller agreement allows for 30-90days of time to place Suitable Tenant or withdraw. 4) Depending on the difference/gap between buyer/seller option - If Buyer forfeits you can place a new tenant (LO or standard rental), sell retail with double closing, buy the property yourself and handle it how you like afterward, or let the option expire with notice to seller that it won't be purchased. 5) Home Owner (seller) is responsible for property insurance, property tax, property repairs that effect structure, mechanical systems, safety, habitability, etc, that would be major and typical landlord repairs, but basic maintenance/upkeep is on the tenant to cover, usually up to $500 per occurrence.