One company said that the last time they performed a deal like that was 2003...and fines were incurred to many individuals.I know there are wholesalers in Portland, but it's 300 miles away.

You can insure against this.A partner/principal can be bonded against other risks, non-performance for any reason, like disability, criminal acts, bankruptcy, or just bad management, that may be expensive and not worth the arrangement, so you would have risks.IMO, knowing very successful builders and developers, about the only way to guarantee any promise is by pledging assets, other assets to attach in the event things don't work, and at a value sufficient to cover the obligation after the collateral is secured and sold.

I work in the Home Performance industry as a contractor, we upgrade homes utilizing building science and focus on health, safety, building durability, energy efficiency and comfort.

BC money, or in this case, your private money) are in already escrow and “guaranteed” to perform.

I was very upset with hes performance. they are on the job site for only couple of hours a day and sometimes not even there.

I would definitely approach this situation as if you were contracting with a contractor to perform the work.

I feel that this bedrock foundation of ensuring complete satisfaction with all parties involved in any transaction I perform will ultimately result in a reputation that can't be beat.I am glad to be a member here at BiggerPockets and I cannot wait to contribute and network with everyone here.

What has the property done in performing the last 6 to 12 months??

There's no one to really hold accountable for performance except a seller, a seller who probably has a financing contingency.

I would be paying cash, and then looking to refinance later.Comps are hard to determine, because the area is very block-to-block, but I think that if the property were fixed up, it would sell for closer to $90-100k.I'm an athletic guy, and I feel comfortable walking around at night but wouldn't want my friends to live there.Layout is one 2 bedroom apt, and two studios.