Investment Info:

Single-family residence private money loan investment.

Cash invested: $87,000

We were investors in this project. The owner of the property did everything wrong that you could do. He spen...

It will cost a significant amount of money to file a lawsuit against someone with an extensive asset protection strategy, and the payouts will be limited due to the compartmentalization and separation.

We used them more extensively before RentCheck provided access to U.S.A. credit histories.   

@Brandon Sturgill there are definitely time constraints with a 1031, but you can always build in extensions to the contracts in order for you to find the perfect upleg.

Based on the extensive experience on these forums - is one option better than the other? 

Most interior work in Indianapolis doesn't need permits, but if there's extensive work done, there's likely several permits that were pulled.Licensed contractors who pull permits are usually going to be pretty reliable... especially if they work with other investors.

If that is the case, you could offer them an extension on the option for another year (if they have money, but not good credit) to give them time to fix their lending issues. 

If I show the VA proof of the lease in place, will they allow this extension?

The property has an old Victorian style house on the front that has been used as a hair salon for the past 27 years.

That means visiting all the public real estate sites, tax records, gathering all the comps you can but understand that if you bid on the house it’s likely you won’t get the winning bid unless your bid exceeds the reserve.I won the bid on a current property and they failed to clear all of the liens and asked for an extension.