My partner was on the acquisitions side of things, so he is extremely knowledgable in novations and creative ways to get the property under contract and I still have an extensive list of buyers, I have built very good relationships with from when I was doing dispositions.I am open to any thoughts on the best way to start and I am open to networking with any one to hear how you got started and what you would do differently now that you have more experience under your belt!

My tenant friendly market (San Diego) has long term housing shortage that the tenant friendly laws mostly act as a balance of power. 

Self-managing from a distance is extremely difficult.  

.- Any potential pitfalls to watch out for during this process.If anyone has navigated a similar setup or has referrals to professionals who can help, I would be extremely grateful for your input!

A 24x24 shell with no heat or insulation and 15 amp power can rent for $600 a month.

This is what I typically use for my SFR direct mail campaign to landlords. but if you are targeting multifamily more likely they will have tenants in place, so that statement is not as powerful for your audience as it is for SFR landlords, that sometimes is hard to sell a property with Tenants in placeI hope that helps a bit

Property taxes and insurance are extremely low there so my net profits on those two are $1,000/month and $800/month respectively with loans with 6.875% interest rates putting 20% down. 

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.The City of Detroit has 183 Neighborhoods we’ve analyzed.PM us if you’d like to discuss this logical approach in greater detail!

We gave them the option to move if they needed to - and by doing it the way we did it, it gave them time at their old rate to absorb the news and make a decision for themselves without them being under extreme pressure to move immediately.  

Getting a 2nd is extremely difficult and for those who buy seconds or are considering them here is an example of "what the guru does not teach you"In Georgia, a non-judicial state, a foreclosure is not done through the courts.