If I was unable to make it to work then we had a substitute GC on call and he would get paid his bid price or an otherwise agreed upon per day price while he was on the project.

Substitute "expenses" in your statement above for HOA fees and you can kill ANY deal.When buying a condo you want to check their reserve study to see if they are on solid financial ground and you want to check the last 3-6 meetings minutes to see if there are any "drama" issues and how the Board responds to them.

An experienced eye whether a contractor, a knowledgeable realtor, an inspector (not free obviously) or  whoever substitutes for the mechanic in the used property situation.   

There is no substitute for quality tenant screening.

If the loan is traded there might have been Plaintiff substitutions in the Foreclosure proceeding (or none).

option=com_content&task=view&id=100&Year=2013&PropertyID=28191&PropertyType=R&AbsCd=SD0296A Here is the link to the documents: documents are at: texaslandrecords.com Lot 16 block 2 Addition: Southridge Documnts are: 16 30 11/22/2002 RP/05219/5890 RELEASE 150826 16 30 7/6/1983 DT/00719/318 DEED OF TRUST 26472 16 30 4/4/1983 DT/00699/752 DEED OF TRUST 11406 16 32 10/14/2002 RP/05191/292 ASSIGNMENT OF LIEN 129968 16 32 5/7/1981 DR/01075/814 WARRANTY DEED 13253 16 32 7/18/2007 AGREEMENT 85424 16 32 5/24/2013 APPOINTMENT OF SUBSTITUTE TRUSTEE 63079 16 32 6/10/2013 TRUSTEE DEED 69924 16 32 7/18/2007 DEED OF TRUST 85423 3 31 12/30/1981 DR/01119/162 EASEMENT 37106 K 398 9/19/1995 DEED OF TRUST 58445 K 398 9/17/2001 RP/04923/2436 ASSIGNMENT OF LIEN 97499

Hello @Jason Varney ...In my opinion, there's simply no substitute for reading through this BP forum on a regular basis.

I would be doing the property management myself, but that does not change the calculation, since I'm substituting time for money.I'll run my numbers using the 50% rule, and back into a purchase price that has the cash flow I'm looking for and make an offer.

Also, if you do experience a default down the road you can easily substitute in a "good" trustee in the event you need to.

HOWEVER, I'd certainly get a substitution of collateral clause thrown in there so I could walk that mortgage to another property.Never pass up the opportunity to borrow money at zero interest.