We had a neighbor that was very outspoken against it bringing other neighbors and her friends with her to say how terrible tenants were and that the lady in our rental house was already a disturbance to her (turns out she was bothered by the RC car that the boyfriend ran up and down the road during the afternoon sometimes on his days off because it bothered her dogs).

Some things were better than I expected and some were a little worse but nothing terrible.

You may buy it at $7,000 but it really needs the $20-$25,000 in repairs to secure the property not to mention reduce your liablity (the roof is in terrible shape and I wouldn't want a tenant living underneath it).

He makes about 42K/year.His new landlord let him move in (with the fiance and baby) and had him pay 1st with splitting the deposit over the next few weeks.The road to his new place is terrible, we live in NH and they don't plow the snow right away.

Most properties in the foreclosure auction go back to the banks and they generally don't want tenants so you'd probably get a cash for keys offer there (and a terrible landlord if you stay).

Nope, looks like it'll be a terrible return.

Unless the property is in terrible condition, the 25% vacancy seems a little high.

He lost me right there, its indefensible and shows terrible character.

As long as they are true to their marketing, the home could be in terrible condition, zero equity, asking for full price, and they will STILL buy it.

He knows it's a terrible idea, only did it because he was absolutely desperate, and will get out of it as soon as he can.It's possible this idea is brilliant.