They are (to put it lightly) mismanaged, dysfunctional, and unprofessional - the absolute worst lender I have EVER had the misfortune of dealing with.

The second escrow funds the first escrow and seller receives the money. and first escrow closes.Remainder of the money goes to me and the second escrow closes.My escrow company is throwing a fit about having the cash buyer being required to write a release for me to get this deal done.Can anyone shine some light on this?

I hope someone can shed some light on this topic for me as I am eager to start. 

M.This was exactly what I was expecting from everyone:Terms - needs work - seller has equity - sub 2 - plus note, no payments on note, single payment due at maturity.Please can you throw more light on how you will structure this type of terms using our example with $50k equity? 

Most reports can be delivered in about 4-7 days after inspection takes place and include conference calls immediately afterward to discuss immediate capital needs or any items that may arise during the inspection that would be deemed relevant to the completion of the deal going hard.Property Condition Assessment Inspection Fee TableFees are based on a per door rate as follows,Basic $375.00 per door Includes a visual inspection of foundation, exterior skin, common area, site lighting, life safety systems, roof condition (from ground), interior condition assessment of units up to 75% if accessible.

The plan is to have the place ready in 60 days and most of the work will be the landscape, relocating outside aircond, putting in a pool, and reinforcing the balcony so most of the work will be outside.  

Maybe there is somebody out there who was successful at this and could shed some light for the benefit of all of us.

Are your responsible for any property utility cost such as a exterior light?

While I will push 100% of the time for tenants to keep their yard clean and landscaped, pushing a tenant who does not want to get on a ladder is not a great idea as this certainly opens up one to a lawsuit if something were to happen.

I do have the risk that the rehab will go high but knowing what I know and what I saw I'm optimistic that I can keep it at $15,000.Hopefully I'll be writing another success story for the actual flip in the near future. you should do well on this one if there are no unforeseen issues, I buy regularly at Sheriff  Sales, the reason you had no competition, is the spread was not wide enough for most investors sight unseen, if I cant get in, I have to get it for 50% of ARV ore more depending on that ARV, based on your numbers, you dont have a lot of room for error, especially using hard money, 200k-15k= 185k- Commission and title 113k=172k- holding and finance costs 6k=166K- 124k=44k now if you get in the basement and the furnace is bad, or gone, and you have a bulging basement wall, and have to tear out landscaping or driveway to fix it,  your almost sunk.