2) Even the lenders who have pre-approved me and agreed to carry this through the loan process have told me that due to the unique features of this property there is no guarantee that an acceptable appraisal can be obtained to substantiate the loan.

A loan made to a flipper who has sold 50 homes who repays the loans within one year is clearly a commercial loan.

Should I be hesitant about these types of houses and the lack of uniqueness, also pending that the contractor does good work and everything is where it should be.

Have a great time, I'm sure it will be an interesting and unique experience.

Not true in all areas of Albany, each neighborhood is unique.

There is a unique class of renter right now, a group of former homeowners who lost their homes to foreclosure or short sale during the past 4-5 years.

No social means no credit hit so no motivation to repay you.

They have some unique "spray paint options" today but I vote no :)

Purchase Price: $2MCap Rate: 13%NOI: $260,000Bank Loan: $1,500,000 Annual Loan Amount: $108,000 (30-year @ 6% APR)NOI - Annual Loan Amount = $152,000Now time to repay the investor that provided the down payment money: He would bring $500k to the table and we would set up a loan to give him an 8% return for 5 years.

Lots of us have walked a similar path, but everyone's experiences and decisions are unique to them.