You can do 'in-season use' during the week, and not give up much income either, as weekends are always more popular anyway, you pick which days your unit is 'off the market' and they just make your unit 'booked' in their hotel system those days.2% rule is so far away I'm ashamed to ask about it.Cost: 195,000Annual Costs:Taxes 1633Gross Rents 2012: 24,300Annual Condo Fee: 6000Pay 22% to the front desk: 5400Pay maid fee for booked nights: 2000Pay parking fee for booked nights: 1050Electric: 1200Netting: ~7200/year or $600/month for P+Iso... to get to cashflow neutral ASSUMING NO ADDITIONAL REPAIRS(which is quite a bad assumption).

Example if i purchased the property for $100,000 put $20,000 in for repairs I can sell the property for $120,000 for the first 3 months then I can sell it for more of a profit like $150,000 what would be the penelty if i did sell the property for $150,000 in 2 months.

. :) I haven't done but the one so far but from what I gather your repair costs will generally be higher on a place that's been through a foreclosure and you have fewer "protections" because you're buying as-is.

I can hire pretty skilled labor for $9/hour down here and WE DON'T BUILDING PERMITS OR INSPECTIONS, and I doubt I could do a second story, add a bath for much less than $48.Regardless, $215 + $48 = $263, the RULE OF THUMB on rehabs is that your acquisition cost plus your rehab cost should not exceed 65% of After Repair Value (ARV).

Institutional lending is far too restrictive and time consuming, thus my need for an investment partner(s).Here is a description of my immediate need:Area: Aurora, IllinoisSales price: $125,000After repair value: $160-175,000 (CMA's from local agents)Repairs 90-95% completed by sellerClose: Tuesday, August 15 (one week from today)I have been working with an institutional lender on this but am running into "chain of title issues" because it was bought as a foreclosure by the current seller recently.

Any tax advantages become a bonus and even if your just getting $20-30 a month extra it will pay for the occasional leaky faucet or other minor repair.

Assuming no significant issues (such as repairs, etc.) that would cause an investor to avoid the proerty, why hasn't someone else purchased the property if they would generate a good cash flow?

THE ONLY WAY TO GE AROUND THAT IS BY FIXING THE REPAIRS THAT NEED TO BE DONE.

Where do you live were you can buy a house for 80k aound my area 2 family in need af repair stats at around 300k

Institutional lending is far too restrictive and time consuming, thus my need for an investment partner(s).Here is a description of my immediate need:Area: Aurora, IllinoisSales price: $125,000After repair value: $160-175,000 (CMA's from local agents)Repairs 90-95% completed by sellerClose: Tuesday, August 15 (one week from today)I have been working with an institutional lender on this but am running into "chain of title issues" because it was bought as a foreclosure by the current seller recently.