Losing a few thousand dollars to move on with no worries left behind and not having that payment held against you for your next home is much better than the risk of bad tenants.

Also if you mess up the smaller budget you will probably be fine while if you mess up a complicated budget it can cost you thousands…Also be very clear when you hire someone to let them know when they need to be finished.

You may find many of us aren't too keen on these guru programs, especially when you start talking thousands or tens of thousands of dollars.

Somehow, I have to believe that if there was anything illegal about saying you don't allow pets for your rental, there wouldn't be thousands of leasing ads put out every day with that same message.Just because some crazy lady tries making her argument and claims she has the law on her side, doesn't mean she's a supreme court justice.Just the fact that she's claiming they could sue you and would own the house itself if you don't rent to them shows the kind of nonsense you're dealing with.

Agree with Ron and Ned, IF you get a title search done now that shows no issues, offer him a few thousand walking away money, QCD is okay.

I want to refinance NOW, but with my scores so slightly below that magic cut off point which would save me thousands in the long run...

I avoided finacial ruin by dumb luck.

If you take a look at my posts from November 26, 2010 (House #19, Budget Recap) and September 27, 2012 (House #35, Budget Recap), those will give you a decent idea of how I broke down the budget on two properties that started as shells (you can look at the pictures for those houses to see what they looked like before and after to see the amount of work and finish level).Please don't rely on any of my pricing -- costs will vary by location, type of house, contractors, time of year, level of finish, and a thousand other variables -- but those two resources above can give you an idea of how to approach a big rehab and how to break down the renovation into components.

More importantly, I made a plan for paying it off within two years, and am on track to exceed my expectations.My goals in regard to RE, are going to be using that time until the debt is paid off to best educate myself as everyone suggests, then to build enough of a cushion for expenses of purchasing and down payment, as well as emergency funds.I definitely understand how easy it is to let confidence become arrogance, and thus, leading yourself to ruin.

For example:Building up a following on Facebook or TwitterSpending thousands of dollars on a company logo, business card, letter head & a pretty websiteBuying books and courses on how to improve your businessSpending hours at networking events that don't lead to any tangible results, etc.These things may have value on some level - but there isn't a direct correlation to the money we make.