I remember purchasing my first investment property and paying too much for it and doing an extensive renovation on it at that.

After running extensive screenings (background/credit checks, references from employers and landlords), the tenants have split up and are breaking their lease after a month and a half.

.), since I would also be lowering how much I could write off the above rule (my OT wouldnt be extensive enough to have my income >$150k).

Hi Vince, First of my disclosure: I have not closed on a LO deal yet, but I have studied this strategy extensively.

Here are what I can add to the  BP table:- I built a comprehensive apartment investing excel model - buy and hold and refinance- Extensive deal/ financial analysis skills and experience.- Extensive work experience in wealth management, tax, private deal structure.- Success track record, creative problem solving, and great eyes for beauty in making ugly place beautiful while not spending a ton of money upgrading.- Since 2002, experience in SFH purchase, buy and hold, remodeling, property management.What gets me going:- Folks with track record in apartment investing to check out my financial model on this deal- Local Chicago Team with proven track record in apartment: contractor /inspector (subcontractor - plumbing, electrical, roof, exterior, interior upgrading), property managementThank You!

Obviously still A TON of things to learn but I'm hungry and willing to roll up the sleeves, learn from mistakes, and do the extensive research/financial analysis needed.

Extensive repairs needed, estimated between $30k-$50k.

Proceed with a 30 day eviction, accept no money and don't agree to any extension.

I am waiting on one right now,  nothing to do but wait, have the sellers sign  45 day extensions every 45. 

It will come down to whether the numbers work, and whether you feel comfortable taking on a property that requires the extensive rehab that an unsafe house will have.