Bottom lie I think your going to eat this one. hang in there. prepare for the worse and hope for the best.I just met a guy that gave $18k cash to another guy that promised him 12% return. well long story short this highly educated senior electrical engineer is out $18k. with no contract, or collateral he is out of luck.

Do you make the money from finding good deals or from being a contractor?

Get a deal under your belt, make some dough and hopefully a few allies along the way and you'll be set for your next deal.A contractor from your REI club might partner up with you.

I've heard that it is really hard to find good contractors.

do i need a whole different contract or assigning or do i use the same contract?

the owner just had a stroke and has other properities. this one is the only fixer-upper, he basically just wants out. i,m taking an equity loan on my house for $40000 for down payment, closing, and a small credit line(about $12000). my main concern is the labor charges of contractors in my area. the on-hand cash would enable me to get local handymen and cheap laborers to cut into alot of the cost of teardown and disposial. also a friend workes for a local home builder and is willing to do alot of the drywall work and floors on the side.

I hired a contractor / handy man.

This was clearly disclosed to our owners, and they certainly had the option us of hiring contractors to make repairs.

It does not sound like you have the funds to do a major rehab and it would cost some money to put in another full bath if you don't have a network of contractors and are just calling out of the book.

Some investors are effectively contractors and can accurately estimate the work.If you lack the skills and can not afford large surprises then always expect to pay for an inspection.