I will likely add company procedures in here when I finish writing them.

Once finished, apply for a HELOC loan to pay for the portfolio line of credit.

Many of those decisions will be up to the house flipper, so what is your advice on how detailed of a repair cost to provide for the flipper.Would the buyer want just a $/sq. ft. or would you like to see a detailed breakdown of each room with dimensions and current finishes and the suggestions from the wholesaler of repairs?

It doesn't look as if they can come up with the remainder and I'm not willing to work with them anymore as there have been many late payments and a couple of demand letters have been sent and met in the past.

It gave this as a reason, "The housing market’s rebound has been restrained by the so-called shadow inventory of homes with mortgages at least 90 days delinquent, in foreclosure or already owned by banks, while foreclosures had been stalled since late 2010, when state attorneys general and federal regulators began investigating abuses by banks, including lost or doctored paperwork.

Exterior is finished, interior framed with plumbing and electric, needs insulation, drywall, paint, flooring, finish plumb...ThanksKevin

Assuming it doesn't have high-end finishes and being conservative with estimates:For $3000, you could demo the entire house, including all the sheetrock.

It seems the discussions I have been in lately has been with individuals asking how they can start investing in real estate.

Darrell,Sorry for being late to this thread, but as a fellow Chicagoan, I wanted to ask what was the key that made you decide to switch to focus on something that is not what you want to do in the end?

While your price at 120K or so finished is pretty low anyway, those interested in that home probably won'y have 40K to plop down, IMO, 40K will get you into a much nicer conventional home.