I bought a small residential house at a great price 3 years ago with the intent to fix it up a bit and resell it for my first investment. I did take advantage of the first year homebuyer program and after 3 years...

Purchase Price $856,000
Renovation Cost $550,000
Total $1,406,000

Q3, 2007 apprasial with quoted repairs $2,000,000

Expenses run 40%, plus vacancy (est. 10%).

Gross income is $330,000

Your thoughts?

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