I have learned more that I could imagine in the last 2 years or so and a lot of that is due to BP.

So just imagine the property when it was first completed, that should be your guideline to rehabbing) minus PURCHASE COSTS (home warranty, fire insurance, title and escrow) minus OPERATING COSTS (months vacant either sold or leased, yard maintenance, utilities, garbage, water) minus MONEY COSTS (traditional bank loan, lines of credit, private money, hard money, interest only, points at close on escrow) minus SALES COSTS (Brokerage fees, Property Taxes, Title, Escrow, Buyers Concessions) equals YOUR BUY PRICE.

The home is in distress and is not in marketable condition by any stretch of the imagination.

I'd imagine it's easy to modify though.

I'd imagine its going to take a hit for a few days, everyone will realize the iPhone 5 is still coming out and it will be back in business.

I could only imagine there is a big wave of properties coming, just dont know when......

I imagine it's basically the same in other judicial states?

Sounds like he has a good head on his shoulders, so I imagine he will do fine.

I imagine that with a $3M spread, you shouldn't have any trouble finding someone to loan you $500K.So, I would suggest buying the property outright and selling it to an owner occupant for $3.5M.

I am small time as well, two properties, so take what I say with a grain of salt.Once you start getting really tough and hard and gung-ho with a tenant who is already pissed off, I can only imagine it going downhill.