I think you're going to be better off to cut the price and sell it as-is.

Lots of junk happens during a foreclosure so cutting corners later is bad news.

You cut down on costs for deals you do not do and you have a better handle on what needs to be done for any you have agreed to buy.Look, it does take some money to be an investor and that money can be spent on marketing and inspections just to find deals worth doing.John Corey

I really like John's idea of simply selling the lead.

I spoke with two foreclosure/short sale experts at my meeting tonight, but didn't have time to engage in an in-depth conversation... so their advice was simply "Just get the deal on paper first -- get them to sign it over to you before doing anything else."

And simply explain to him that he's in a very unprotected position if this fiasco continues.

When I was face to face talking with the seller, he told me that he lived about 45 minutes away now so I he only comes back to cut the grass.

First i would think about what it will take cost and labor to strip/patch/sand,stain and finish the floors stripper and sanding pads will add up unless its an exotic wood, I personaly would simply lay new hardwood or laminate flooring down you can find all styles sizes colors types of wood and most are prefinished and are extremly easy to instiall, some are glueless and nailess.

I know for a fact when i first joined biggerpockets I was like a chicken with it's head cut off and had no direction.

Simply getting the mortgage payment to a level that will allow cash flow is not the objective.