The deal is going to be tough if you can't get back the mechanical costs.Overall, if your net is 1800 (cap rate 5%) it's not good.

I have a Mechanical Engineering background from Syracuse U. and recently got my MBA from Shippensburg U.

I have my degree in mechanical engineering, something I think will help me a lot in the rehabbing department.

No feedback on mechanisms of the model, but from a business perspective, the profitability of a project according to this model hinges heavily on your assumptions for rent and price per square meter in the '5) Units' tab.  

Walked in and all of the copper piping, mechanicals, wiring, etc was gone.

My name is Chad Althaus, and I'm a senior Mechanical Engineering major at Texas A&M University.

So if your end-buyer funds both transactions, how does the mechanics of that work?

I was thinking about placing a mechanic's lien on the property and then creating a promissory note for the seller to give me rights to rent the property out to repay me for repairs until my lien is satisfied.

If the EM is being held by a RE Broker, there is a mechanism for the return, assuming the seller won't sign the release.  

I paid close to 60K-70K for architecture drawings, civil, mechanical, permit, surveys etc. 3.