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.

He may consider a HELOC as long as it doesn't cost him anything to finish paying it off and then just have the 401k loan and the HELOC.

THE FOLLOWING OPTIONS ARE NOW AVAILABLE TO YOU:1.Pay in FULL the outstanding past due balance including late fees and lot rents due through the current date by 5 PM Thursday, May 24, 2xxx.

It seems lately from your posts that you have looked at real estate properties to own,note buying,and now restaurants.I am trying to determine if you are placing money in multiple streams or trying to place money into one type of investment and seeing what fits looking at multiple things.There is a difference between taking say 30,000 of cash and putting all that cash into a restaurant and having 200,000 and putting into multiple things.If the restaurant doesn't work out if it's just a small part of your overall portfolio it is okay.If it is a majority of your cash into that one thing it can be a bad investment if you do not know how to analyze properly.You might want to look at business brokerage.This is where I help people analyze buying the assets of a business.Since you will not want to run it day to day you will be what is called an "absentee owner".Businesses can give a great return when purchased properlyAny specific questions just ask.

I'm pretty sure it's too late for me to go back to the sellers to pitch in for the repairs (I seriously doubt they knew about the problems, as they were prompt to fix everything on the inspection punch list).

The room does not have to be finished either.Hans K.

I am not in a position to do a construction loan to finish the project and I am looking to unload at a steep discount.

Lately, I've gotten a new tactic, an agent calling and saying they have a client that would be either perfect for the space or is interested in seeing it.

I'm not ever going to say I do things better than you, your transactions I'm sure are much cleaner and you are leaving your end buyer with a very good quality finished product.