It's a 5 unit strip center in a good location with two nationally franchised tenants, their store, a hair salon that has been there for a long time, and in the process of signing on the last unit which will be a nail salon.

The main issue is if the nails are coming up and also you can only do it so many times.For the bathroom  I would be inclined NOT to use laminate, it is not so water tolerant.  

Trying to do so is a great way to end up in court and getting nailed as a creditor.

I just saw red flags when I saw it, and your post, was the nail in coffin.

There were a few holes in the wall from where they hung a flatscreen TV but I asked the tenant to spackle them - along with all other nail holes - and they did.I guess it is safe to assume many of you are experienced landlords?

Doesn't sound like you got nailed too hard.  

I'm assuming that pre-foreclosures are in the same boat as well.Actually, pre-foreclosures are in more dangerous waters, a short sale the bank just won't go there, screwing around with a foreclosure takes on a blend of federal compliance and consumer issues, cause a delay and you can get nailed.

You also need to get your "pitch" nailed down and know how to talk about the topics which will "excite" this seller. 

Originally posted by @Mary Ann Casey:My go-to spots have been Home Depot and Lowes, Oakland's Habitat for Humanity,  I agree - Habitat for Humanity usually has really great deals - we were able to pick up some $40 light fixtures for $5 and $75 fans for $10 - many things you can find are still in good condition - they have great deals on nails , screws, used paint ( it's not in the shape of a house)  etc.  

Getting too wrapped around the axle about finding the ideal first deal is a good way to miss the game because you were too busy sitting on the sidelines wondering when to enter.sounds awesome. the second half of your post is nailing where i'm at right now: figuring out when to jump in based off of knowing that something decent is in front of me rather than waiting for great numbers in particular. my goal is to have something during first half of next year and not blow it, basically. if i break even, or anywhere near it pretty much, then i'll be happy cause of getting over the knowledge/fear/hesitancy humps.