We got lucky and bought the house cheap...granted prices fell further in 2009 after we bought, but we were still in a good spot having bought after the collapse was already underway.

I started right before the big crash and there was a point in my life where I use to think poor me getting into re and 12 months later the bottom fell out.

We already had an interested buyer willing to offer 1.35m before their funding fell through, but that was the top of his loan limit. 

If $300,000 cash fell down from the heaven's and landed in my lap, I would buy up as many single family rental properties I could with at least 30% equity after I rehab them.

There was a pending sale on the home in January that fell through. 

Single-family home sales jumped 13.2 percent year-over-year, with 6,044 units sold, marking the eighth consecutive month of positive sales;The Days on Market (DOM) figure for single-family homes was unchanged at 68 days;Total property sales surged 14.9 percent, with 7,393 units sold;Total dollar volume increased 19.4 percent to about $2.1 billion;The single-family home median price rose 5.2 percent to $245,000, reaching a February high;The single-family home average price climbed 5.9 percent to a February high of $301,648;Single-family homes months of inventory was at a 3.5-months supply, down fractionally from 3.6 months last February but above the national inventory level of 3.1 months;Townhome/condominium sales rose for a third straight month – up 12.8 percent, with the average price up 14.5 percent to $216,170 and the median price up 16.5 percent to $176,500;Lease properties experienced a mixed performance, as single-family home rentals increased 5.8 percent with the average rent up 1.8 percent to $1,768;Volume of townhome/condominium leases fell 2.2 percent with the average rent up 3.5 percent to $1,607.

One my first property fell through this one happen to come back on the market.

pid=1704Houston Real Estate Highlights in February:-Single-family home sales jumped 13.2 percent year-over-year, with 6,044 units sold, marking the eighth consecutive month of positive sales;-The Days on Market (DOM) figure for single-family homes was unchanged at 68 days;-Total property sales surged 14.9 percent, with 7,393 units sold;-Total dollar volume increased 19.4 percent to about $2.1 billion;-The single-family home median price rose 5.2 percent to $245,000, reaching a February high;-The single-family home average price climbed 5.9 percent to a February high of $301,648;-Single-family homes months of inventory was at a 3.5-months supply, down fractionally from 3.6 months last February but above the national inventory level of 3.1 months;-Townhome/condominium sales rose for a third straight month – up 12.8 percent, with the average price up 14.5 percent to $216,170 and the median price up 16.5 percent to $176,500;-Lease properties experienced a mixed performance, as single-family home rentals increased 5.8 percent with the average rent up 1.8 percent to $1,768;-Volume of townhome/condominium leases fell 2.2 percent with the average rent up 3.5 percent to $1,607.

Soon after, I went to a seminar and instantly fell in love with the idea and have been pursuing it since.

Couple things you have to worry about if you purchase an existing LLC membership interest (i.e. you purchase the membership interest in the LLC rather than the asset) - is that you inherit any liabilities that the LLC may have - this can range from taxes to a person who slipped and fell 6 mos ago and is just about to sue the owner.