Hopefully I will be making a trip to New Orleans to watch them in a couple weeks.Thanks for the advice and the welcome!

You need to see currently from an unbiased third party who is just getting paid to complete a report what the real value of the property is in today's market if you were to liquidate it.Once you receive that information that will help you to form a basis on how to proceed (re-rent, sell and possibly take a tax loss, etc.)Hawaii to NC with room and board of the trip is thousands of dollars.

They were a military officer and family that were going to be moving to the area for a year and needed a place quickly and were unable to do a house hunting trip.

My neighbor who happens to be my architect has put up a single family building on his in a similar manner.So the land is 'free'.I believe my NOI will be $60K a year and total project cost should be around $400K.The cap rate may not look like a home run but keep in mind that these will be upscale apartments for this downtown area with a reasonable appreciation potential.The gut rehab 3 years ago of the front building was a trip since I was hands on.

We went down and spent a weekend inspecting our properties and fixing all things we found in order to save on stupid trip repair costs, and that helps cut down immensely on the under $200 repairs, so I would advise you to make sure you can do that as some require using their own people, and that can get expensive.

It is up to you to provide general liability for "trips and falls" and property casualty insurance.

Some of them get on "power trips" just because they can.

Given your level of question Ben and it's awesome you are asking, I would get your feet wet by trying to do some finding, or what you Americans call bird dogging for somebody who is already an established flipper or wholesaler.If you try and go straight to buying something you may get tripped up on the first simple question a seller asks you.

Take a trip over to the HOA management office and ask for a copy of the budget also, look up the HOA at the corporation commission's website, they may be required to publish budgets with their annual report.

I did end up making a trip and doing some scouting back in May.