Furthermore, I am not necessarily looking for cash flow in the short-term (apart from, of course, having adequate cash flow to cover debt service/ property management/ repairs/ vacancy, etc, etc).

Like I said the price is bargain, but I want to have a "no kidding" accessment how much all the repairs are going to cost.

Question- what was the purchase price of the property, and how much will repairs cost?

If the property was really uninhabitable you would have forced the landlord to make the repairs and/or withheld rent.

There are ways to apply that "boot" to repairs and improvements to avoid taxation on the gain (the proceeds are kept in escrow and drawn to cover the repairs as needed) - identify a Qualified Intermediary that you wish to use and ask them.Originally posted by Jay Wright:...2.

I've had good luck with these homes so far and really enjoy landlording and doing repairs etc.

It's so difficult to get ANY response from contractors that it leaves the door open for the more unscrupulous contractors to take advantage of people.I recently bought a house for $13k that needed all of the usual repairs of a typical distressed property.

I need to have the house transferred as soon as possible because the pool is in major need of immediate repairs and I would like these to be done in my name so that I can deduct them (since I'll be renting out the house ASAP as soon as I make these repairs).

You should be buying every property using the standard formula which is 65-70% of the ARV (after repaired value), less repairs, less your wholesale fee.

Julie Mcneeley, Ed O. helped me immensely in dealing with a credit repair problem, so I'd ask for and take his advice in a heartbeat.