Sometimes, unseen issues (like major repairs) end up costing more than the discount you negotiated.Final Thoughts•If there are no major rental restrictions, and the numbers work based on rental comps, this could be a great first investment.

He has no legal rights to the property or the deposit because it belongs to the legal occupants of the rental.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Again, as you asked, no one is in trouble, but we have high expectations for our team, and there are indeed steps we can take to improve.I'd like to recap for readers, and please let me know if there is anything stated incorrectly here.We primarily failed to be proactive on the front end once we knew the resident used the legal system to their advantage. 

If you can get a note for 200K at no interest and you have completed your due diligence on this deal, then go for it. 

If that's the case, if it's a flipper with zero development experience, no way would I have any interest

Best of luck, and I’m sure you’ll be hitting your goals in no time!

We pride ourselves in keeping the forums positive, helpful, and focused on real estate (please, no politics, religion, etc.).

Hey @Edward Zachary Samperio, have you called each municipality involved to double check the regs?

I just paid another $400 and still no app.