We figure if we get Tyvek suits, scrape the popcorn, remove the carpet, paint the walls, replace the appliances(they are already shot) and all the fixtures, throw in new countertops, paint cabinets...etc, it'd be great.We think that it won't be that bad since the place is 790 sq ft. 

Roofing first go up there throw a tarp on it then nail down the tarp, then call a roofer if the roofer can get there quick have them put up a temp tarp, gutters always last.

Throw everything on a spreadsheet and follow it, that way you can start to get a really good feel for the neighborhood.3.

You're taking $67K, walking away with $40K, and throwing it into more expensive property.

There are a lot of sexy terms people throw around when they talk about real estate investors, but in the end success comes down to two simple things:  grit & character. 

I’m planning for an upscale open house and want to market it to the audience looking to purchase in this market.

Yours was perfect, I simply added some more clarity for the audience because those little details like the lease option are pretty key in doing calculations, as I showed.And you're right, I did want to know where people were able to find cash out refi opportunities. 

I personally snag the keys and go throw it on a lockbox and forward the PM the information to get it rented.

As long as the government keeps the printing presses on, then people will have more dollars to throw at investments.

Is it a better decision to sit on the property and possibly delegate management to my father to lower costs (he is a handy man and can oversee the property while making any minor repairs) or sell the property with intentions of throwing that profit into another property to avoid capital gains tax.