Can you fix the place and still service the debt?

I wrote an entire post on that topic that you can read HERE including clips of the language in the note and what to be aware of.

The second portion being anyone who would refinance this and make the loan happen for you is also going to want a total project improvement budget which would include the amount you've spent already as mentioned above and be ready to show receipts and invoices.

He posts a lot of videos and backs his opinions up with a lot of good statistics and research-Used to love Meet Kevin's real estate videos - now he's morphed into covering the economy as a whole (which includes politics, stock investing, etc).

Seek out locations that are undergoing gentrification, development, or expansion where property prices may increase over time.Creative Financing: To fund your local deals, consider unique financing solutions including partnerships, seller financing, or private loans.

In today’s high rate market, 1% ratios do not cash flow at high LTV in most markets.   50% expense ratio $2550. 80% financed at 7% (OP indicated and does not include the plumbing) P&i $3,332/minth. $5100 - $2550 - $3332 = -$782/month after achieving market rent.  

Examples includes a Newport six plex for $645k, Two small detached homes on a single lot in Lakeside for $237,500 and a north coast duplex with very large 3/1.5 units for $560k+/-. 

Ask questions, get to know the renters, and document the condition of each rental so you have a record from that point forward and can hold tenants responsible for damages.Your offer to purchase should include a requirement that the Seller provide all documentation and agree to sign an estoppel certificate (also called an estoppel form or agreement).

This property is debt free.

Before the Karens potentially in this thread get self righteous I am not providing legal advice and @Adam M should retain proper legal counsel to prepare all documents associated with this syndication including compliance with SEC regs.