I can't use the income approach, its a small town with maybe 3 restaurants or so, comps are nonexistent (I think) and its been vacant for a few years now.According to the assessor the land and building value is $50,500 (I'm using that as a ball park number) although the current owner did pay 300,000 for it previously.

With this approach it is very important to set a before rehab price that leaves room for added value.

She is the interior designer and stager, and I do the manual labor and oversee the finances.

I currently work at an engineering firm designing HVAC/Plumbing systems.

It's designed to help working families.

If you had a deal like this how would you approach it?

What would be the best way to approach this so that he can't back out and I will have some recourse if he does.

@Pin Srey I like your approach, flip the little higher end, keep the lower priced as rentals, great strategy.

A better approach would be to list ALL your monthly expenses minus housing costs (rent, utilities) and see where you are at with income vs. outgo.

Typically the home must be removed from MLS for 30 days prior to allowing a refinance in almost all conventional loan settings.The approach here is admirable.