Further, he had a roommate that kept repeatedly opening the door of a bedroom, checking on our progress, and then shutting it.

If it is really private money they should be able to evaluate and fund within a couple days.

The only solution I see is having the attorney draft a letter to him stating that due to his refusal to speak with you about the progress of the job, as per the agreement, you are dismissing him as contractor.

If the only money you make from a property you manage yourself is equal to what you would make managing someone else' property your return on investment is $0 (OK your cash on cash return is $0)If you search here for the 2% rule or the 50% rule you will find threads that will help you evaluate expenses more effectively.Good Luck - Ned

Then give him an evaluation of the rehab costs.

It provides comparables or "comps" that allows users to evaluate property.

I hope to post more of my experience as this progresses Aaron.

I thought it was remarkable on a Nov appraisal of my 3 family for $325k that every method of evaluation: rents, rooms, units, GBA and bedrooms, came within a $9k range, less than a 3% variation w just one outlier, replacement being $340k.

In this case go 60% costs.530 X 8 = 4,240 X 12 += 50,880 gross expected income50,880 X .60 annual costs = 30,52850,880 GEI - 30,528 annual costs = 20,352 NOI20,352 NOI at a 10 cap purchase price is around 203,000Way, way off from your 320's evaluation.

You need to be able to evaluate tenants and show houses etc. unless you hire a property manager.