Quote from @Amer Swid: Hello,So the inspection report came back with these red flags, the offer for the house was 300k, then i asked for 25k reduction and they take care of all the hazardous stuff but they said ok for 25k but you take care of everything.Anyone know how would approximate be to:1) put chimney flue2)do knob and tube rewireing (i heard it will be costly around 30k)3) change furnace4)pluming and asbestos (not sure if I should do anything for the asbestor)any help will be muchHi Amer,Dealing with an inspection report's findings can indeed be daunting, but let's address your concerns with a bit more specificity, considering the details you've provided.

Make sure you use net cash flow, so you are accounting for maintenance, repairs, cap ex, vacancy, and property management; based on the numbers you provided your net cash flow is probably less than $1k per year. 

Gutters, downspout repair, siding etc-good reviews on angis list, has his company registered as a LLC, referred to me by a local contact -can provide proof of insurance but will not add me to it as additionally insured. 

It would be really helpful if there is tax code or written rules I could provide the IRS.Any help or recommendations are appreciated, thanks!

I've completed several condo conversions here in Columbus and the attorney fees were around $5k, plus you need to hire a survey company to provide you with a condo survey, and you will also need to hire an architect to draw up the final layout and measurements of the interior....both of these documents from the surveyor and architect will then become part of your HOA condo docs.

Here you will meet wholesalers who provide deals and rehabbers.Two Great reads, I bought both J.

I've had banks do the seller provided 2nd on some apartment buildings I bought, but I've never seen one do it on such a small asset like this.

That's great and all but the dude has still provided zero meaningful input and does nothing but spam multiple posts in a row about how dumb everyone is and how he's the greatest thing to ever happen to real estate investingIn general a lot of people just use the wholesaling forum to troll and never provide anything of valueTo answer the OP, I don't think you will learn anything that you can't find out yourself but it's all about what works for you.

But you can de-leverage your risk in several waysa. hire an experienced PM or partner with an experienced operator in exchange for some of the profit. b. finish the project quickly and provide financial incentives to the contractor to do so.

@Limor HananniaIt is a non recourse loan and you can Google it for lenders who provide them.