My 6-plex had a fire and lost two units and it's a remote location for me (2hrs one way).I've always managed it and performed all executive decisions, so I became the general contractor and hired subs for the specific skills for the restoration.Even if I were using a PM, this level of decisions I would never delegate.  

We will wholesale if we dont like the area, if the numbers dont meet our criteria or if we just dont have the capital to fund the deal. 

New kitchen, new FAU, New flooring in main area, 1 new bath remodel and only added a vanity in the second bath.Our target ARV was 285k- We hit our profit criteria at this number.Sale price 305k on 4-15-16Net profit- 35kI didnt have very good before pics- You might notice we used all the same material- paint colors, tile, flooring, kitchen cabs, etc..- Helps keep the decision making to a minimum.

Very true David Dachtera But not for the specific details I'll be looking for.

@Bernard Castillo I don't know specifically about Than Merrill's course, but he is really know for flipping not tax liens.

Hardest thing might be finding a fair and legal way to get this off your friend's back and onto yours (but there must be some specific reason he wants out and doesn't want to list it.

If they start a fire or break a pipe then you would likely have coverage (review your policy for specifics) but if they are simply negligent or messy then you will have to pay out of pocket.

As to the hard money lender thinking the deal was "bad" - it never got to those kind of specifics - they have an FAQ on their website - "no scores under 640".

I have a business idea attached on the back end of it for value add to the tenants since it is a very specific niche market that I am targeting. 

I mean a calculated real offer that makes sense for the investor criteria on a property that genuinely needs some work and the listing even acknowledges that.Example -  property in South Nashville, listed at $134,900.