.: Excellent answer!

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Buy it right and be an excellent host.

Conventional loan, excellent credit and reserves, nothing owed on the property and the property is seasoned.

Excellent advice, Evan!

It is very important, no matter the investment vehicle, to do thorough due diligence, ask for track records, know the risks, make sure there is a great deal of transparency and excellent communication with any Sponsor. 

The price looks reasonable to me, particularly for a painter that does excellent work.Colors won't affect the appraisal, but the nicer a place looks the more generous the appraiser will be.

When I say "quality" i mean the quality of the neighborhood, and not necessarily the property.For example I am looking at a property that is being short listed for 20k fully renovated (zillow estimate is 35k) but it's in a depressed area with a few rowhouses boarded up around it, but there is an existing tenant there and the rent, cap rate, and cash flow look excellent on paper.

It's also a good idea to have a third party, such as a realtor, visit the property to ensure the work is being done diligently and on time.I have an excellent contact for work in North Texas.

Since he is on an oral lease, just give him 30 or 60 days notice (depending on state) that his lease is not being renewed.