Good luck getting that out of the way, and hopefully it is not going to end your career before it starts...Christopher:The OP is in Winnipeg, so the plug for the service provider directory will be of little use to him.Additionally acquiring a  small house (or apartment building with smaller units) with a poor layout does not imply rules were broken - these are often my favourite types of property if in the right area and the right price.    

Upon further questioning, she says the toilet actually didn't overflow and that the wax ring was broken and water was seeping there. 

Rather than wholesale the property now, I have a partner that would like to do some rehabbing and upgrade the kitchen/bathroom as well as re-sand the floors and get the condition of the property up to retail standard.

I do want to do the upgrades, because I do want them to be as happy as can be.

You have to know what is important in your area when it comes to features and upgrades.

Why rush getting money back to somebody who has broken the lease and likely you'll have a potty-training soiling of flooring to deal with?

He fixed the fence, which was just a matter of a few broken boards.The moral of the story is that even though this worked out ok in the end, I would much rather have taken care of it beforehand.

I had to tweak a few things here and there in the learning process...but I think I broken the ice a little.

And, not to mention the couple dozen or so broken panel pieces of glass.

Interesting topic.David Beard:My equation only cares what the total loan amount is, doesn't matter if it's broken into parts, so it does still work for hml's that lend a % of purchase price + a % of rehab.In your example, the purchase price is 48% of ARV which is way below the 67% threshold in my equation, so, for your set of numbers, my equation is simply saying that a 90% of purchase price loan would be way less $ than a 60% of ARV loan.