Hi, pre foreclosure in all of its permutations, before the bank sends Notice of Default (NOD) or efter which is state even county dependant but often starts a 4 week clock till the trustee auction are the 2nd most difficult deal scenario and IMHO only experienced investors should bother, the 1st most difficult deal scenario are bidding at the court house steps on lord only knows what is being auctioned off sometimes even 2nd mortgages, you need to do so much home work to attempt to reduce your risk at the court house steps...Pre foreclosure no one talks about these issues, always about the nice sounding stuff like "motivated seller" get a good deal etc etc both are usually not the case.- 95% of folks in pre or post NOD want to stay in their house, keep their house inspite of them 100% will loose the house at the auction. 

Condo's usually have high HOA dues which will eat into your cash flow.

As for timelines, expect paperwork and approvals to take longer than usual, especially for first-time landlords in the program.

Chris would tell him I hadn’t sent the money when Chris actually had gotten money for the rehab at closing, plus extra that I sent for change orders (which had not been done).

Usually conservation easements come with Huge tax benefits for the party putting the property into a CE.  

Thank you as usual!

After adding an extra bedroom and bathroom and rehabbing the house, I was well over budget.

My first rental I asked the guy at the closing table how much he usually got for rent and he told me he could pretty reliably get 300-400.

Living in one unit and renting out the others could offset a significant portion of your mortgage, giving you extra breathing room as the sole income earner.

I struggle with podcasts because they show a slice but not usually a start-to-finish how-to and you could invest countless hours (like I did) listening to many podcasts to piece things together.