If I remember right the taxes on Capitol gains is 25% on the first 40k.

If he's been waiting a long time the price they might have approved it at could be lower than what its worth today.

Worth a case-by-case analysis of your goals and means.

Their net worth are in the several millions, own several hotels and also sold many hotels yet they still got rejected.

The house is worth 480k with mid-grade finishes and 500k with high end finishes.You are analyzing the deal, running the numbers to determine your purchase price, etc.

welcome to bigger pockets sure agree what we  do has to be a full circle with every ones  winning....karma sucks if  this is not remembered....give me a call may have some starting idea for you

You would have to pretty much get a property for free in order to qualify.I have submitted two properties to their underwriters, and both were rejected because of last minute requirements that changed the lending criteria.I paid $2,000 (one year's worth) in order to be able to receive funding.

Maybe 5-10k worth of rehab.

An excellent attorney is worth every single penny.We used to use an attorney - very nice guy - who charge us under market rate.

If the NOI is $51,000 a year and the cap rate comps are 15.3% then the property is worth about $333,300 and your property is over priced by about $87,000!