It really depends on if the agent is aware of the proper procedure.

The problem is, population has been flat for 30 years so there is not much appreciation. 8 units being commercial is a different underwriting procedure then residential with the 1% rule, but, you can get a very quick idea of the valuation within seconds with the 1% rule.

Saved about a month of time.I've sat in eviction court many times, and I often see the DIYers have their cases thrown out for procedural errors. 

I wouldn't even consider looking at any those types of properties until you can understand financial statements and basic underwriting procedures..

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $110,250

Cash invested: $15,000

Contributors:
Ryan Murray

Large SFR 4 bed 2.5 bath with finished ba...

Select your partners wisely - Realtor, Lender, 203k Consultant, and ContractorREALTOR - it's recommended to work with one that has done a 203k in the past so they know what verbiage HUD wants to be added to the purchase offer contract and how to structure the dealLender - advice you to select a lender with verified 203k experience; the lender is the quarterback in the process, controlling the rules, paperwork, processes, procedures, and if the lender does not have sufficient experience with the 203k, your entire process can look like the Cleveland Browns on a Sunday afternoon203k Consultant - the lender is responsible for selecting the 203k Consultant (refer to Lender paragraph above); this person determines the scope of work and pricing for the projectContractor - strongly advise you to select a Certified 203k Contractor; this person does not set the pricing (see 203k Consultant info above) but does need to know the different versions of the 203k, payment methods, timelines, paperwork, and processes; definitely don't want to work with a contractor who is going to "wing it" on a 203k.

If you are doing rentals you can also start creating your policies and procedures, etc That way you aren't rushing to get all the together when you buy.

Print it off, study it, highlight it, and keep it handy for reference.At the bare minimum, you should know:How to determine market rent for your unitsHow to set rental criteriaHow to screen applicationsState law regarding due dates, late fees, and the eviction processHow to handle late rent professionallyHow to evict a tenant for non-paymentHow to get rid of a problem tenantYou could easily read those two books, study your state law, and then develop WRITTEN procedures for handling these issues within a month.

Try doing it yourself without proper abatement procedures by a licensed company here in CA, get caught by AQMD and prepare yourself for hefty fines for lead and or asbestos.

Each state has a Division of Real Estate who oversees broker operations & requires broker's to adhere to incredibly strict accounting procedures, audits and care of all of this money that flows in & out of their hands that is that of the client's (you) or the tenant's.