I think there is a difference between merely "420 is okay" and what the OP is describing here. 

OP posted this in a wholesaler forum so I'm assuming they're asking about it for Wholesaling -- they're probably just looking for a standard percentage of ARV at which a wholesaler will contract with a buyer.

Ps  OP  we have family in Castle rock  my wife sold real estate there and longview for years and was raised in cathlamet. :)

Never trust it.I have never paid anything close to the OP's laundry list for renovation after a bad tenant, but I rent C-class apartments in the $1K/month range and I do many repairs myself.

Each market has a few top dogs and then a bunch of folks like the OP who try hard but make very little actual net income.

I re-read your OP, and really your question is about the future, not about this deal it would seem.Again, who knows what the future will hold. 

It’s not a 100% liability.Now, to the OP.

But OP did say there is NO stepped up basis with this form of trust. 

I mean your comment wasn’t related to the OP or helpful at all especially on a 20 day old post. 

I'm simply endouraging the OP to at least read the note and dot, they do sometimes have problems for the sub2 buyer.