The deal is dead.

Since the bank will not OK the short sale once they learn of his financials, is there a way I can still profit from this deal or is it just dead in the water?

I estimated it will need 35 days to finish which is with $7000, please permit fee $1000 total. it comes up roughly $35k.right now, I am having some thoughts and concerns.1) the area is with a few break in for the staged properties, I am taking a risk of lossing the appliances and I heard after the break in, the realtor has to put that to the disclosure which might decrease the property value.2) I need to replace the dead tree of the public sidewalk, which I called many times to the city and no return calls, I plan to go to their office in the coming week.3)the dirt level too high under the crawlspace, I might need to have someone to dig out the dirt. currently it only has 6 to 8" on some areas.

He had other investors looking at the property over the weekend so he didnt want to commit.Deal is not dead yet.

I would skip the dealing with stupid, dead beat tenants, the late payments, the city rental inspectors, the Sec. 8 bs..ex.

It's definitely more challenging to rent a place here in the dead of winter when there is over a foot of snow on the ground.

Amy, first red flag is you "heard it from a guru".Second, your intuition that this is not right is dead on.

But the days of rates, cost and terms being close to Full Doc, W-2, vanilla Fannie Mae type programs are over.Still, for most, they're a lot better option than sinking so much money into Dead Equity by paying cash.        

When investors leave dead equity in a income property they are losing the opportunity value of that cash every month.

I hate to see you spend your time on something that is not fruitful-  you may percieve comments as negativity but what we are doing is just warning you of going down a dead end because it’s so obvious to us- we’ve all gone through the the school of hard knocks.