What you have is an installment agreement with a delayed settlement, another matter for the predatory office and the IRS. 5.

However, if you are investing in a less desirable area ensure that you take proper precautions to prevent theft.  

Is this in your opinion not proper advice?

@Max James I actually like properties with mold issues, because they can get you a discount on the price... but I say that with the caveat that I firmly believe in proper mold remediation, and NO shortcuts (such washing things down with bleach, or painting over problems).

However, if the numbers are on the tighter side then forcing the repair might be a good option to use and still close the deal.I would assume that if you were able to get responses from a number of others on the site they would probably say things like I am going to list here.1) Problems can seem small and simple at first but grow larger in a hurry - it happens.2) Depending on the type of shower/tub installed in the above unit it may be more than a simple fix and get into much more money than you think - you won't know until you open the ceiling for sure.3) After the plumbing repair you could be looking at mold potentially in the joist spacing area between units.4) Depending on the length of time the issue has existed and been patched to get by you may also have damage to the wood - joists between units and or sub floor issues under the upper unit tub/shower.5) If there is insulation between the two units, you may have soaked and degraded insulation that needs to be replaced as well - good news is that rock and insul are cheap to replace.6) OR......... you may have someone open it up to fix it and its just a simple plumbing issue and is a quick and easy fix - totally possible too.Just as an illustration, I went to replace a bath faucet for an accountant friend of mine yesterday.

Yes you can get refi loans based on funds needed to do the refi.Seasoning period is 6 months.Being able torefi to get enough cash out to pay of original loan (including HML) shouldn't be an issue if you did you analysis properly.

hmm;  I sold doors & window for ~year and learned a lot - - also have an apt with casements - - just hate'm.Nail-up (ie new construction) need code inspection on the install, as the exterior needs flashing. 

Hire the right attitude...the rest can be taught and/or developed through proper systems.

That is, if an owner installs an electric register or gas unit, which is supposed to be used as a secondary heat source and it's used as a primary heat source in the dead of winter.. 

If you're testing the waters, just buy adequate insurance to protect yourself until you have a proper legal structure.