Of course, many investors bend/break this rule, but that's another risk.2) If your bid wins the foreclosure auction, you then have to deal with getting rid of any occupants - who may steal/damage everything they can in retaliation:(3) You MUST have a great crew on the ground that can minimize surprises - not easy to do on your first deal.Regardless if you buy a foreclosure or other property, read our copy & paste advice below:-----------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

We ended speaking with the owner , changing management teams and after 2 months ended that agreement.

If you're family is up to it, i'd definitely look into house hacking,probably the most low cost way to get into it, run the #s make sure it makes sense whether you're living in it or not, there's other low cost way like seller finance, subto which iv'e never done so i don't want to speak on that, but there's something you can look into, i've heard of a lot of people getting into deals 0% down.

The allowed rent amount should be pegged to market rent, so it would only be way off if your unit is a way different quality or neighborhood compared to average. 

Other factors such as the quality of the tenant, and location will also determine the value you can get.

It gives him experience in public speaking, forming your own opinion and communicating with authority.

I really am a fan of RISD because it is high quality across DFW in general even relative to the big names in Collin county.

Hey Marc, speaking from the BRRRR lending side of things I don't see any deals that our team has closed in Winchester, VA in the past few years.

Tell them that you are serious about running a quality STR and to have them call you at the first sign of problems.That will give them some peace of mind and have a way to get a hold of you instead of calling the cops.

Much of this is loan underwriting and it can identify a quality note.Today, you should turn over any note you buy to a mortgage servicer, for about $300 +/- a year you'll avoid tons of regulatory issues, tax filings, notices required and collections with a performing note.