Depends on the amount of drywall repair but those prices seem about right for this area on turns. 

@Frank Chin this only works if the market continues to appreciate.

There are good areas for rentals in pockets all over town so don't think of this like a big city where you might have to narrow down your area to one suburb or specific area of town.

This article outlines the benefits of alternative financing to support struggling but fundamentally sound projects and discusses the current market conditions and trends in mezzanine and preferred equity investments.Market ContextIn July 2024, the distress rate for multifamily properties securitized with CMBS financing rose by 100 basis points to 8.4%, continuing a trend of increased distress across the sector.

Apparently double taxation is one of the biggest hurdles for cross border investing.I would really appreciate some sound advice about this, and if anyone knows someone who specializes in US-CAN cross border tax laws, please let me know.A big big thanks in advance.

This deal has massive upside and I could not pass it up.

I figure for the first year, this property would gross at least $50k-60k annually.

All of the risks of "subject to" then come into play (with a "wrap"); read this thread:http://www.biggerpockets.com/forums/83/topics/86029-subject-2-protection-from-calling-mortgage-due

Maybe you didn't read the entire post? 

@Chris SeveneyThese stories/case studies are fun to read.