I would just suggest you make sure you fully understand that process before you dive into it - because you can lose a lot of money fast if you don’t know all the ins and outs.Likewise, rehabbing isn’t always straight forward… like who will do the work, permits, contractors, unknown damage you may not have accounted for - especially in  a foreclosure where there usually isn’t the ability to inspect the property.We’ve done several flips we won at auction, and lost plenty of them in the bidding.  

Last doesn't cover damage.

Tying up a desperate and in arrears homeowner with a purchase contract you can not perform on and in which a sale will happen ONLY if you are successful flipping the property for a higher price can cause extensive damage to the homeowners finances, credit and personal life.  

Click Here to view response (https://www.realestatesalesllc.com/wp-content/uploads/2018/06/6-19-2018-Tyreke-Gardner-and-N’shaina-Boyd-LAWSUIT.pdf).See tomorrows link as to the decision from the Better Business Bureau in New Mexico and the ‘frivolous’ review that was posted June 14, 2018 by N’shaina Boyd (Gardner) and was rejected by the Better Business Bureau in Nevada on June 18, 2018.Based upon the above we anticipate bringing a defamation suit against Tyreke Gardner and N’shaina Boyd which will include asking for compensatory and punitive damages in Nevada.

We recently bought a property that we have found out within the first few weeks of owning it that is has VERY SERIOUS drainage and humidity issues and lots of previous water damage that the sellers did not disclose.

I’ve asked for police reports, received nothing, went to the house and found no damage or evidence of forced entry.

Do I take pictures of everything before renting in case there are damages when the lease ends?

That said, assuming no tenant damage (and if it won't net you more rent) I wouldn't renovate if the tenants don't want it.I think the real question is whether the tenants are actually paying market rents.Good luck!

I was thinking of putting the keys in a lockbox and asking the person interested for a copy of their drivers license and Credit card to make sure no damage is done to the property and keys are returned.

Now the buyer is being held liable for damages and commissions.