We knew walking in that we would have to do a lot of the simple work ourselves so that we could renovate the property completely and still get cash out when we refinance… The formula is simple, our lender will allow us to cash out 70% of the property after renovation value, in this case the property projects out to be worth $320,000… That means we can get a total of $224,000 out.

My other option is to get an attorney involved which would prompt them to pay the $750 owed but the attorney that I have chatted with briefly suggested charging $1,500 for his services and that was to evict them (not something I want to do when they are willing to walk out on their own). 

Both names are on the deed. here’s the down and dirty on the house:Mortgage— 434kARV—- approximately 650-675kMortgage is current my friend needs to stay in the house for the sake of her 5 kidsShe owns her owns her own nail salon/spa which is mostly a cash business Her credit score is 600ishBecause she is not a w2 employee she will have a difficult if not impossible time getting a conventional loan. she has asked her ex how he needs to walk away from this mess and he said he wants half the equity. 

If the zoning ordinance does not permit multi-units and/or the units involved building additions to the original footprint of the building, probably best to walk away.

I intend to hold on to it for the next 8-10 years as a rental income property, but I feel I just need assistance in figuring out a step by step what to do to start checklist.That's how I learn aside from someone taking the time out of their day to walk me through it.

When we walked through the home we noticed the laminate flooring is slightly unlevel in certain places, my only thought is that it could be a foundation problem causing it.I'm just looking for how others proceed in these types of situations, I am still very interested in this property and not scared of the foundation issue at least not before getting a quote to estimate the repairs (if this is even the problem).

If you are cash fluid and have assets than obtaining a commercial loan for even new construction would be a walk in the park.

I would be within walking distance of a new basketball stadium and venue for many concerts.

Hey @Sam Ohanesian, that's great that your buddy has a knowledgeable guide to walk them through this process. 

We walked in to dirty floors, windows, a great deal of mold under kitchen sink, carpets trimmed in black dirt.Noticed HVAC unit was corroded(no, I didn’t see it well enough prior).