I'm going to go back to your question about the roof,,,if my inspector says a roof is in good shape, no signs of leaking, being 18 years old doesn't bother me at all, I replaced the roof on my residence last year (because of hail storm, insurance paid for it), it was the original roof from 1986, no repairs ever done, now I have walked away from a deal in part because of roof condition, but not age

In the scenario you laid out, you cannot get a fnma 20% down loan and then do $16,000 of renovation unless the property is already in liveable condition.

:)In all seriousness, you want to start asking your professional friends (high income earners such as doctors, lawyers, engineers, etc) and your older friends (those who might have retirement funds they aren't yet using), and see who is looking for a better return on the cash they have sitting around.Then pitch your *low-risk* opportunity (explain how it's secured by real estate worth a lot more than what you're borrowing) and see if they're interested.

It has been submitted for approval and I don't yet know what the conditions might be.

As-is condition is 400k, but it should go for 450k with 20k of repairs.And I have no idea how the 3rd party did it.

I dont pay too much attention to tax value since thats not always up to date. you want to be careful when using sites like zillow since they may or may not be up to date and dont take into account the current properties condition.

Their credit (unless it can attach liens to the property) is not a major concern to me.For example the wife & I go to our local tax or property auctions & sit there with the bidders (after we have est a good price for a home based on its condition etc).

I have a sore throat from allergies that is so severe I have not been talking today to give my throat a rest. if my condition hasn't improved when I wake up tomorrow, I'll have to sit out.

The issue isn't that it is a great deal from what you have said the issue is the problems you are mitigating that run with the property and for that time and money you should be compensated.You could also have a certain amount of the purchase price escrowed tied to conditions that have to be met after the sale for a certain period of time.

If outlets, wiring or the circuit panel were under water, they may need to be replaced, even if they appear to be in decent condition.