Purchase price: $275,000 Cash invested: $45,000 Sale price: $410,000 Contributors: Adam Schooley This townhouse, which had gone through probate, suffered from significant water damage to the drywall and required updates throughout.

Buying an out of state rental property from a realtor, wholesaler or off facebook or zillow etc as opposed to from an operation or turnkey provider who has an active, substancial, and effective boots on the ground team or teams to support you after you close on the sale. 

I generally look for two things: new homes on the market for sale are they being sold very close to asking price, with short days on markets or not.

Maybe lake visitors, but not really close to the lake. 

Seller Pre-Sale Financing: Consider selling the tenant-occupied property "as-is" now to an investor, perhaps at a slight discount, which could save time and eliminate renovation costs.

.$8,000 would likely go away in closing costs.

Also, don't complain about your offer not being accepted - just submit a better one or walk away - the seller doesn't care about anything other than how long its been on the market and how close to ask you are.

But after working with him, I realized he was very systematic and mostly cared about closing deals without much care for the client's long term needs.Here’s an example: I had a $10K escrow with the seller—$5K due upfront and $5K after the inspection.

My main goal is to find something relatively close to the DMV area but without the DMV price tag.

Our offers include clauses allowing us to do our due diligence before closing and protect Earnest Money Deposit (EMD).