My plan would be to get hard money loans for the property and use Lowe's account and credit cards to fund the repair cost.

I guess it depends on the area, but every REO in my area that has been vacant more then a month, which all have been because the banks move so slow, needs major repairs after the copper collectors have paid a visit.

I have a motivated seller who is looking to relocate; wants to sell her place for 75K --no repairs are needed and it's move in ready and the value is right at $111K.

If you don't it will negative cash flow.Note that most investors ignore very important items like capital reserves, vacancy, repairs, etc. when they calculate "cash flow" on single-family investments.

Lots of waiting, and incompetence, and waiting, and more incompetence.Along with what Jon already said, it also usually states in the bank addendums that you are not allowed to do any repairs to the property prior to closing.You might still be able to get the deal if you are willing to wait around until they get the issue(s) resolved, but you might be waiting a long time.Good luck with it,Steph

I have a contract with a seller, the house may need more repairs than originally thought.Asking price was 160FMV in as-is condition 170-180ARV 220-240My price 123Original estimated repairs 20-25New estimates 30-35kRoof and asbestos siding may need work, and I was unaware of siding being asbestosWhat are some tactics I can use to get the price down?

My inspection background has really helped with evaluating houses for structural integity verses cosmetic repairs.

Can I expect to see a house in need of dire repairs?

Then there are repairs and/or rehab.

Main house needs roof repair or replacement.