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. 

Sub 2 is definitely something to look into but this property is so old and so far under water not sure about this deal.

It's into this that I plug 'actual' repair costs, etc...The property I just purchased (for the purpose of hold & cashflow) had completed since 2010 the roof, windows, siding, electrical, plumbing, including hot water tank, new service from BC Hydro as well in the last 4 months a new bathroom, floors, fence and completely repainted.I know that the envelope (roof, etc..) will now last 25 years, the hot water tank 7-12.

Water connection fees to city or county , gas electric application fees , architectural/ engineering fees , .

Its 3 bed 1bath units, that currently rent for 575 a side, owner pays water/sewer, tenant pays everything else. about 900 sq ft a side.

Sale price: $40,000Rent: $1100 ($65 paid by tenant; $1035 paid by Section 8)Taxes: $3200 per yearInsurance: $900 per yearWater: $60-75 per monthMonthly Maintenance: unknownCap Ex: needs a new water heater within the next year; has a newer roofI'll get an inspection.

Oh well, water under the bridge. 

-Roof - roof has a leak -Tons of water damage - mold is horrible in the basement- Walls are all beat up with holes everywhere( looks like their was a royal rumble in the house) - Kitchen ceiling is cut open- bathroom shower wall is ripped open and ceiling of shower is cracking- windows are leaking - kitchen floor is buckled up from water damage- Both upper and lower deck are in horrible condition( i was honestly afraid to walk on it) - Outside molding around windows is cracked and damaged- all outside lights are broken- carpets every single one is ruined- Bathroom sink is shot- Kitchen cabinets all have water damage- And again ill say their is a big mold problem so i have no idea how much that will cost.The condo has 6 rooms , 2 bed rooms , 2 full baths , 1 half bath 1280 sq ft.