Just don't forget that you are never far from the water in Pinellas. 

Based on the numbers above, it seems like this house might be too under water for even that strategy to work.

We had spoke with the controller, and was given a go, to go pump water out of a basement.

I'm hoping that maintenance for the first several years will be less than 3000/year as much will be new (appliances, bathrooms, plumbing, furnace, AC, water heater,roof).

The trouble I'm having is getting a loan if the water won't be turned on for the appraisal.Is anyone familiar with conventional lenders that will accept an appraisal that will be done with the water off?

Check to make sure the stores have separate gas /water / electricity (would be hard to lease out of they dont).

., NORTH SYRACUSE, NY PARK LANE APARTMENTS 16 ONE BEDROOM APARTMENTS 32 TWO BEDROOM APARTMENTS RENT INCLUDES HEAT AND HOT WATER LAUNDRY ROOMS – 8 NORTH COLONY TOWN HOUSES 20 TWO BEDROOM, ONE AND ONE HALF BATHROOMS BASEMENTS WITH WASHER/DRYER HOOK-UPS TENANTS PAY ALL UNTILITIES WATER IS SEPERATELY METERED (TENANTS COULD BE BILLED FOR USAGE – NOT CURRENT POLICY) CONDITION OF PROPERTY: PARK LANE: ROOFS NEED TO BE REPLACED WINDOWS NEED TO BE REPLACED NEW BOILERS WERE INSTALLED IN 2009 DRIVEWAY NEEDS TO BE RESURFACED ALL APARTMENTS AND COMMON AREAS ARE IN GOOD SHAPE NORTH COLONY: ROOF WAS REPLACED IN 2009 WINDOWS WERE REPLACED IN 2009 DRIVEWAY NEEDS TO BE RESURFACED / REAR OF BUILDING NEEDS PAINTING FINANCIALS: OFFEERING PRICE $3,200,000 REPAIR INVESTMENT FROM SELLER $200,000 -SELLER WILL GIVE BUYER $200,000 AT CLOSING FOR ABOVE LISTED DEFERRED MAINTENANCE ITEMS PROFORMA P&L - MONTHLY RENTS @ 100% $44,000 LAUNDRY COINS $1,100 MONTHLY INCOME $45,100 EXPENSES MORTGAGE - $2,560,000 @5.5% FOR 25 YEARS $15,721 PROPERTY TAXES 9,700 PROPERTY INSURANCE 1,600 ELECTRIC & GAS (2013 ACTUALS) 1,700 WATER (2013 ACTUALS) 1,300 VACANCY ALLOWANCE – 8% 3,550 ALLOWANCE FOR MAINTENANCE 2,500 ($36,071) NET MONTHLY CASH FLOW $9,029 17% RETURN ON INVESTMENT OF $640,000 A few things to note.

I don't like the restaurant business especially the larger footprint ones although you hate to repurpose with all the coolers, water and possible equipment already there.

sorry about the typos I can actually spell water and renter ha ha....where is auto correct when you need it?

If the house i under water you may have some trouble re-financing it immediately, but there shouldn't be any rush to refi, unless your buddy needs to decrease his DTI to buy something else.The difference between a good deal and a bad deal are the numbers.