I am now 29 have met hundreds of contractors on the north-shore and have people lined up to come in to give me estimates this weekend and early next week.Here is the deal.Property located on the north-shoreMarket Value- $255,00Purchase Price- $190,000Loan Requested - 229,000Renovation - 20,000ARV-319,00(spoke with realtors about comps and value they said anywhere from 319-329 and the house is FHA approved and 2 homes in the same neighborhood sold above sale price at 347k)Currently Rented- 1900 + tenant pays everything!

Impressive.I totally approve of painting boring builder grade oak cabinets all white.

You can make your purchase conditional on getting all the approvals before closing but you would need to figure out the time involved and cost to see if it's worth it if you lose.There is an opportunity cost lost with also money that has to be factored.

its rented above market, i've been renting to people that wouldn't be otherwise be approved provided they put extra security deposit down.

So buyer is now wanting to offer 155K which I am supposing is what will then be approved by mortgage company. (155 - 58K (down payment) = 97K what bank will approve buyer for loan.

Find out what types of approvals you will need from the Historical Commission and how long it takes for them to approve.You might want to track down your local architectural salvage suppliers and get an idea of things they have that you might want to use.

I will retain title and all rights therein in my name.B) During that time I would rent the unit to a renter that buyer approves (buyer does property management as well) but I would keep all these rent monies.C) If buyer does not produce agreed upon down payment amount by Dec 1st, 2014 I will continue to lease to whomever I please and I keep the $1,000 PO free and clear.C2) In the event buyer DOES come up with agreed upon down payment we then will enter into a 24 month seller financing deal that we agree upon.D) If I don't feel like messing around with Seller Financing buyer says he will still find me a reputable tenant (for a small fee of course) and/or I can simply sell to a cash buyer which I had hoped to do in the first place.Thanks.

Additional cost for my property insurancec. having to re-due the contract to include her partner and the approval for commercial use.d. not to be greedy, but I may have to increase the rent for the risk increase2.

I want to buy and hold long haven't given much thought to flipping but wouldn't rule it out.As far as financing goes not sure which bank would approve me I have a 620 fico on credit karma not sure how accurate that is.

I am bidding on a "bank approved short sale" through auction.com.