Started at $49k in January of 2014Put under contract for $28,000 in late JuneClosing delayed 2 months due to electric work needing completion (bank paid $4k to get new work complete)Closed on 9/17Purchase Price: $28,000 ($2k below our our target acquisition price)Paid cash, rehab costs out of my pocket as well to keep minimal holding costs (outside cost of money and opportunity cost)House Details:Built 1985, 2 bed/2 bath, 950 sq ft on 1/8 acre lot near a creek and now defunct golf courseHouse looks like its manufactured.

You really need to narrow that down to a number ($1,200-$1,500 is a huge range-it represents about a 20% swing).

I have really tried to work with these folks but everytime I give them a carrot they swing a stick at me...

Right now I make $12/hour and anticipate spending as much time as needed at the property whether it's spent swinging hammers, managing contractors, or any other jobs that will speed up the process.

About the property, it's a home that has been converted to 8 units in a desirable area of Miami Beach, FL -- it neighbors a few other multi-family buildings as well as million dollar homes -- golf course and private island nearby -- when I say it landed in my lap I mean it belongs to a close friend of my family who does not want to list it and needs cash -- yes, there is still a small amount on the loan and the property has about 40% equity (I need to verify that number though) -- properties in the area range in value from $850K to $2.5M, although there are outliers -- from what I've been learning, my next step is to get it under contract -- what information should I ask for in order to do this intelligently?

Not much else to do there except golf, hike, and mountain bike.  

Sharpening the ax is good, but eventually it's time to start swinging. 

Only thing I could add is; Sometimes markets swings due to seasons or other factors.

Also, I could easily swing a downpayment for another investment multi-fam property so that's also in the plans.

Wow you really swing for the fences.