Hello BP community,As a former Contractor turned investor/stay at home dad, I am in the middle of my first property deal with two Contractor/Developers in my previous home of Teton Valley, ID. 

Here is the summary of my situation that requires creative thought:Location: DC Suburbs (Clifton, VA)Original sale price: $300KOriginal mortgage: $240K ($60K down)Money spent rehabbing property since 2008: $70KTotal cash invested: $130KCurrent sale price (based on comps): $430KAmount owed on mortgage: $208KPotential cash generated from sale: $($222K, not including transfer costs)Estimated Monthly Rent: $2,200Current Monthly Payment for M/T/I: $1,300 *Biggest yard and likely one of the most updated homes in a desirable community where "average days to sell" is less than 14.Now the issues:Need $100K-$150K out of the house (or via investment) in order to put down-payment on next home, which will be primary residence (probably a $600K home).I've plugged numbers into every rent-or-sell calculator out there, but always feel like I'm missing something big.

In many communities, representatives of the “Welcome Wagon” would take note of a person’s home, furnishings and character, among other factors.

The buyer will have to be made aware that the transaction is closing through an intermediary, just as you would have to do in a 1031 exchange. 

@Jeremy MichielsI would make sure they give you a clean title (either they run a title search or you do it if they don't) since it will be off-market and not regulated.Other than that, just be aware of the obvious stuff like don't trust their numbers.  

However after my showing I think its a much bigger project than I anticipated and likely wouldn't qualify for traditional financing, so wanted to ask the community about how larger developers are turning these big old houses into multiple condos all over Boston.

dont even bother with taking her to small claims court. its considered a small case and it will take forever not to mention attorney fees and time wasted. just swollow it and move on. it happens to me all the time. a lot of times when a "war story tenant"  (for lack of better wording lol ) leaves i see some holes in the walls etc.... but im just happy to see him or her go!!!

And you should jump in, the community is pretty great here.

It is great to have you and please feel free to jump in the community - there are certainly great people around here!

Hi BiggerPockets Community,When I initially discovered BP, I had set out a goal for myself to purchase my first [income] property by end of 2017.