Purchased a vacant dilapidated retail strip plaza in New Port Richey, FL right outside Tampa.

Purchase Price $300,000.

$200k seller financed at 10% interest. $100k down payment.

Repair costs: Est: $88,000 Budget: $106,000

Roof/gutter repair, landscaping, parking lot repair, electrical repair, Interior work including bathrooms, drywall, mold remediation.

After repair value: $900,000

The plan is to do a 50% cash-out refinance. Pull out $450,000. Pay owner finance note for $200,000 and walk away with $200-$250k and still have a cash-flowing asset.