I just completed this post on Rain City Guide that you may want to read if you’re considering buying distressed property (physical or financial).  If you haven’t ever done a rehab project before, I’d recommend that you start small and learn small lessons first before taking on this big and scary of a project.  For agents out there reading this post… my recommendation is that you be very clear about your role if you ever get involved in a transaction like this one.  The disclosure issues in this situation are very serious and hit on many areas of real estate and common law.

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