I call him Monday morning, he freaks, asks me what I expect, tells me all his apartments are rented "as is," and makes some comment to the effect that this is why he doesn't like to rent to white people.

You end up fine for those five years (assuming my restaurant doesn't go under) but if I leave when the lease is up you are now stuck with what is effectively a $500K property for which you paid $750K, and you'll be unlikely to get a tenant who is going to come in and pay above-market rent.

If so how does that effect the appraisal.

Is e-mail just as effective?

You had mentioned something to the effect that the 50% rule does not account for the timing of the expenses and a big expense in the initial years is different from a big expense later on due to the time value of money.I agree with you about the need to do a present value analysis on any major investment to account for timing issues.

We are just concered that the lose concrete might effect the hardwood somehow.

I have 3 houses, none have enough equity to refi. through circumstances(arms) and repairs I cant afford them all. Selling cost would be keep me from selling them for what is owed. I am getting behind in one of them....

My state, New York, has a new law on the books (HETPA) which effectively closed the door on short sales.

I've been thinking about this - it seems to me that even if it was more cost effective, I may not want to live in a construction zone for a few months.

I haven't found HOPING to be very effective in business.What if there is 30% equity BUT after careful consideration of ALL expenses it losses money each month?