Floor joists in the bathroom need to be repaired due to extended water leaks that have caused the joists to rot.It needs a new roof and POSSIBLY some updated electrical work.AGAIN, I stress I will look at the home tomorrow so everything I am sharing is "heresy," which of course the bank would then look at and then consider whether or not it meets their livability standards for the purposes of a loan.

A STANDARD FHA loan, would not be available on a home that needs a new roof, ($10-$13k cost for replacement), new flooring because the floor has issues ($8k), new appliances ($3k) and a new A/c ($6k) .So the bank finances the home, sets a $30k escrow account associated, and you take care of the major components that would normally stall any other FHA buyer or be a hindrance in any other home inspections.

Categories like Exterior Interior Windows Doors Flooring Electrical ECT.... 

The first remodels I was quite involved in myself and found some really good people for the different tasks: Mark Aschoff (Mark's Contracting LLC) does outstanding roofing work at a really good price, Alex Olmos did a great job with flooring and Fagen Tree and Chips were very nice people to work with for some branch/tree cleanups.

Lastly, to create even more income, a portion of the loan we are seeking is to convert the first floor of the property to a day care facility, as well as invest in either several flips and holds to generate even more income.It's already been agreed that myself and only 1 other heirs be placed on the Deed and the mortgage.

And yes there is many deals in the Biddeford area and am looking there writhing a 25 mile radius right now.

Rentals are one area where the little guy can still compete with the mega corps and large apt complexes, often winning over some choice tenants with personal service, flexible terms, and small touches...Just a few ways, off the top of my head, that I think we can gain a competitive advantage over more rigidly run large complexes (though all markets vary, so these are based on my experiences)....) flexible terms (I offer a six month or one year lease; of course, most six month folks renew, but some like the flexibility; some large complexes are "one year or nothing" in my market..)) new mats (inside and out of the doors; bath, even runners or area rugs in high traffic area for vinyl plank flooring)...while they add some "wow factor" and look like gifts, there is self interest at work here, however, as the matting greatly reduces wear and tear on my flooring.) pets on approval ( I have some of the best behaved canine tenants imaginable, and their high quality tenant owners stay long term, are respectful, and pay well,yet are often shunned by many "no pets" larger places)) small (tax deductible) $20 gift card at holidays ..

It was in the usual dated state that you find when looking at these homes. original hardwood floors in the bedrooms with good signs that they extend into the hall walls currently carpeted.

There are a few second floor lofts/ apartments over a few of the downtown businesses that are going for $1800-$2000 no garage.

All flooring is tile..couple tiles in one bedroom to replaced-cracked.