On the other hand, an accountholder capable of remodeling a kitchen or bathroom or replacing an entire roof, such as a contractor or skilled tradesperson looking to flip properties, would be adding value to the property and risk IRS action.

(Land, Multi Family, CRE and SFR) Purchase Price: $475k (Price is confirmed) Rehab: $50k -$65k (Depending on your resources) Resale Value: $585k (Conservative to $625k) Rent: $2600 to $3000Property Details:Est: Living Area: 2000sq feet Est: Lot Size: 9000sq feet 5 Bedroom 2 Bathrooms (Can add 3rd) PLEASE READ BELOW BEFORE REPLYING:Note: Property must be sold CASH, Private/hard money is okay.

As a part of due diligence on my first investment property under contract in Indianapolis,  inspection report recently came out and it didn't come good as expected and probably typical for 100 year old home.Major issues: Termite issue (live) , foundation issue, electric system not updated (no GFCI outlets anywhere like kitchen bathroom garage outside), brick chimney pulling away and deteriorated brick at bottom .

Tree removal (causing foundation and possibly plumbing issues)Re-sod backyard (big mud pit due to tree and dogs) along with french drain installation.all new flooringFull gut of at least one bathroom - probably bothFoundation issuesMyriad smaller repairs (broken doors and door frames, etc.)That's not minor cosmetic issues.Sorry, this is probably more of a rant than an actual question, but it is really annoying that the agent was so clearly lying to my face. 

Additional question -- because we are switching the placement of the sink in the only bathroom, I need - per code - to do a vent.  

We are talking electrical, plumbing, flooring, carpet, doors, kitchen, bathrooms, sheetrock repair, 3 40 yard dumpsters full of debris cleanup becuase the contractors were nice enough to use his property as a dumping ground from other projects, furnace, water heater, even STAIRS down to the basement/garage because they were gone.

It only needs a new kitchen, new bathroom, and some new flooring.. all very easy since I'm a contractor and the unit is in great shape.

I've done the small jobs like tile for the bathroom (small area), drywall, paint, and even both baths in my own home where the sink and vanity were replaced.

How big is the bathroom?

After test were done they found mild in my bathroom and bedroom also.