ARV  180ish in those days... probably needed 15 to 20k to change out mechanical and fluff and buff .so I am standing there and because of the low bid and the fact that northwest trustee converted to putting all the sales on their website.. ( which really blew it for us guys in the business)  there were over 30 bidders with qualify checks so at least 3 million in cash chasing a dinger that ended up selling with Maybe 10k of equity in it.. at that point I knew our great run was coming to an end and the days of picking off equity like we used was about done. 

First off, most contractors are not that far behind as far as payments vs work done and they have legal protections to get paid if and when a problem arises via a mechanics lien on the property.

As far as the legal mechanisms that you will need to put in place, itis probably a terrific idea for you to call and talk with a real estate lawyer in your locale to get their advice, would be money well spent.

The property needs a fair bit of work both inside and out, but nothing major (all mechanicals are within 2 years new thankfully). 

You won’t get $500k loan on $900k equity with most Bay Area regionals like First Republic or Mechanics.

Example:- if this is an Emergency hang up and dial 911- If you are calling about a mechanical system not working such as A/C, Dishwasher, Plumbing, and etc.

I am currently going to school to become  a mechanical engineer, but I know that real estate is my passion and what I truly want to do.

New mechanicals, new roofs, tile in all bathrooms/kitchens, granite counter tops, hardwood floors, huge walk-in closets, laundry rooms, open floor plans, new siding, new windows, spray foam insulation.

The "mechanics" of it are that you transfer (no tax or penalty) your IRA to a provider like us that handles real estate as an investment for IRAs. 

Everything seems to be in working order, but I would like to get an inspection on the plumbing and mechanicals of the property.