McKinney is mostly a pretty good area. Some exceptions in the 'historic' (read older) areas. Sounds like it he may have over paid either for the property, the repairs or both and now is trying to get more than it is worth. Might think about selling it owner-financed and then selling the note to get as much working capital as possible. Or rent the two spaces and wait for appreciation to bail him out.
Hard to analyze without more property details thus hard to be specific in any recommendations.
Yes in your case I might also think to do an owner financing and sell the note. You will have to discount it but at least you will have or he will have some money to move on to a deal where he can make a better decision and selection of a property that will produce a better outcome from a profit view point. Sometimes that is just the way things turn out, live and learn.
Thanks everyone for your advice. Yes, he is looking at renting it out until he can sell it for at least what he put into it. Owner finance is something he is staying away from as he does not want to be held into a long term contract with anyone. I think he is going to rent it out for a year and then try and put it up on the market a year from now. We will see what happens!
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