I want to help, but also make a nice chunk of change off the deal.

It appears like your bank will accept an appraisal for 285k on your subject property.if they are making a loan for 238k that means you have to have approx.16.5% down(47,000.) closing costs included.if your sales price is only 215k that means the seller gets his 215k and goes away.you are left with a property worth 285k that has 47k of your money in it plus 23k equity.or 70k in the bank so to speak.if the seller is going to lend you 20k it should be out of his proceeds from the 215k sales price.he must be a nice person to loan you his money for 2years no payments no interest.It looks like you need the 20k to help make the down payment and closing costs.If so you have to make enough on the resale to cover the 20k plus the costs incurred for rehab,holding,and acquiring the property and still make enough profit for it to be worthwhile.Is the bank going to give you 48k at closing for rehab?

Nice post!

If you know of anyone looking to fund deals for a nice return I would appreciate a heads up.

Keep in mind I am not quite sure what you are defining "competition" as.North DallasMost of N Dallas is a nice area.

Welcome David - Nice to have you here.

Nice to have you on BiggerPockets.

Making them nice and "pretty" so they would feel more responsible for them.

Where I live you can buy a duplex in the nicer part of town for around 100k, and a 5 apartment building just sold in the not-so-nice part of town for 22k. just depends on where you live I suppose.

Nice to see everyone offering insight to each other.