Brian Burke makes a good pointThey may have wanted to use it to keep the kids close to home and that didnt work out

I would be surprised if you could fill in the pool for under $5000.You'll probably want to drill many holes in it, then fill it in.If I bought it, I would get solid insurance, a solid lease (but mostly insurance), screen tenants very carefully, hire a pool guy to do routine cleaning, check local pool rules (fences, etc.), and enjoy the extra rent I could get with a swimming pool.

So IF net is $21,600 at 16 cap price would work out to $135,000.00I personally have experienced the problems of old, apartment complexes in low income areas; I much prefer the easier returns of private lending or even the lower cash flow/higher appreciation of properties in A areas, so I would need a 20 cap to be interested.

I am trying to work out a couple scenarios for him to just be done with it minimizing loss and stopping continued loss from his IRA.

and if so, how did it work out for you

Rob Condy, I work out my highest bid based on the numbers and some nonnumerical information that's important to me.

Not all investments will work out and unless you're comfortable leveraging your primary residence, you might want to look at some alternative ways for raising capital.

Otherwise, you are purely a speculator hoping for appreciation to bail you out if things don't work out as planned.

Technically, the correct answer is your "net sales price," which is your gross sales price less routine closing costs.

Banks are dumping it cheap because they can do a workout on a house to get performing again but the land just sits there not doing anything for them.It's all the mindset of the bank and what they are trying to accomplish.