St. Louis, MO - Real Estate Investment Rehab / Flip Project

We have been working to purchase a residential real estate investment rehab home in the general St. Louis metro area. We have an accepted offer on a home and are completing our due diligence during our five day inspection period.

There is one item that may be a potential deal killer ... two small vertical cracks in the basement wall. We're having an engineering inspection today, 8/20/2008, to assess the problem to determine whether this is a major or minor foundation issue. Depending upon their recommendations we may have to terminate our contract or attempt to renegotiate terms with the bank.