I think market auctions are better for newer investors because you're able to see the inside of the property and the property will be delivered vacant.If you win you will have to provide a deposit that is held in escrow until the transaction closes.

Here’s a breakdown of the pros and cons of each approach based on my experience:Tenant Swapping:Pros:Tenant Retention: Keeps the property occupied, which helps avoid vacancy periods.Minimizes Turnover Costs: No need for cleaning, marketing, or re-screening tenants if the new person is already known.Flexibility for Tenants: Can be seen as a more tenant-friendly approach, allowing them to find a replacement without facing penalties.Cons:Risk of Unknown Tenants: The new tenant might not be as reliable as the original one, leading to potential issues down the line.Lease Violations or Delays: If the new tenant doesn’t meet the lease requirements or fails to sign a new agreement, this can lead to complications.Operational Complexity: Keeping track of the lease terms, managing paperwork, and ensuring proper screening for new tenants can increase administrative work.Notice for All (One Notice to Vacate for Everyone):Pros:Clear Expectations: Everyone knows what’s expected, and there are no surprises with last-minute tenant changes.Consistency: Easier to manage leases and tenant turnover with a straightforward system.Quality Control: You can screen all tenants that are moving in, ensuring the new occupant meets your standards.Cons:Longer Vacancy Periods: The property may stay vacant for longer, especially if finding a replacement tenant takes time.Tenant Frustration: Current tenants may not be happy with the requirement to vacate, even if they want to stay.Marketing and Re-screening Costs: You’ll have to go through the process of finding and screening new tenants, potentially leading to increased costs and downtime.I’d love to hear what others are doing!

These are just Marketing ploys to try and get you to sign up for a program and the odds of being successful are pretty much zero.

I have an off market opportunity for a 3 plex that I’m looking at.

I am proficient in investing and confident in earning 7-10% returns in the market over the next decade or two.

If you ever need insights on the Portland/surrounding markets or strategies for maximizing returns, feel free to reach out.

It could be helping an owner navigate complex tenant issues, offering proactive maintenance advice, or developing marketing strategies that keep their property consistently occupied.

Just wondering can you ever catch a great deal on the market  and if so what’s stopping you from taking advantage?

Hey @Mike Nelson, never assume anything about STR rules and regs.Here is the STR rules for Oak Park - https://codelibrary.amlegal.com/codes/oakparkil/latest/oakpa...I would call the city and make sure it is legal for a specific property.Now regarding the famous person angle, sure it can add value to the property or as a STR, but for STR use, I would think you would need it to be in original condition with a lot of the furniture and knick-knacks that were owned by the famous person along with a bunch of photos etc featuring the famous person.If you buy a place that has been totally redone but was owned by someone famous but has no features or things that were theirs, then I don't see it being a draw. 

I like the idea of out-of-state STR in a less expensive market.