Hey everyone, I just bought my first single family rental a few months back and am currently in the middle of rehabbing the property.

He bought a property here in LR and attempting DIY.  

I have bought from Cook County Land Bank, you can pm me. 

You bought this for 720k, then put in 463k, and are selling it at a huge loss for 751k?

Even though it is a 4-plex, it still falls in the same bucket with similar loan structures as if you bought a single-family rental. 

We bought and converted it ourselves.

I just bought a Minut to put in a unit where I know the tenant is smoking cigarettes but I have a tenant that we ALWAYS see smoke his cigarettes outside yet when we go in his unit it stinks like marijuana.

They may be paying down your mortgage, but if you sold that house and bought a rental in a good area that cash flows...you'd come out further ahead.   

@Nik FarooquiI bought 3 properties at auctions during the real estate downturn in 1992-1993.

They'll be bought by local members of the communities often to house their toys, be used as workshops, some people rent them out as storage, etc.