If it is sufficiently high, it is time to start doing the real work for the project (actual quotes, pull permits, legal, drafting etc.). 

So that made me feel good, hoping that I can pull some equity out of it in a few years, and then rent it.

Make sure they pulled permits to replace the rooves and didn't do it themselves.

For many years, and continuing in many places to the present day, ceiling joists on the top floor were often only strong enough to keep the walls from pulling apart.

I would give hime back the 275K he paid me and we would then go to the bank and leverage the remaining 5 and refi to pull out cash based on the higher comps and take that newly created money and the original 275k x2 money and go do this all over again at another condo complex. 

It's going to be very tough to finance this with $0 down through a conventional or commercial lender.Your best bet is to find private money to put up the $470k for acquisition + rehab and then refinance once the property is fully stabilized and pay off your private money lender.If you get rents to $8k you'll be around $48k NOI so at a 7% CAP the property would be worth $685k.At a 70% LTV refinance you'll pull $480k out to pay off your lender/closing costs and have $0 into the deal.This is obviously assuming the seller is carrying anything above the $400k as you had alluded to.Also I don't know the going CAP in your market so this is all just a hypothetical BRRRR example.

Turnkey investing is a perfect solution for someone like you = busy professional wanting to get started.

They've been to closings (pulled out of school) and they attend and contribute to our management meetings.

@Jessica WoodIf it's a standard ten-buck doorknob made by Defiant or Kwikset or Schlage or pretty much any other major American manufacturer, there's a very simple solution if you ever really do need entry, if there ever really IS an emergency.

Hello,What’s the best way to sort and pull addresses from tax delinquent list to get skip traced?