I do this quite often, but it opens the door to improvements that would better the tenants experience and pay for themselves in under a year.

You will know the average price per unit in a particular area (once you get experience) and when the number comes in under that, you look into it more.

They were inundated with short sales, loan workouts, and foreclosures so were not looking for DOS violations.

You receive title when it is recorded which is what you'd want in this case.If your agreement with the seller pays off in 20 years then his loan has to pay off in under 20 years or you have a problem.

@Craig McLaughlin ooooo golly, that will rack my brain and I have been inundated with finance books.

Account Closed good point about the rent likely being lower...if I wanted to make this happen maybe I would have to ask them for lower rates as a result and factor in under market rents by about 15% or 20% for the lousy neighbors. 

So one here and there isn't a big deal, but being inundated with texts, cold calls, and unsolicited emails from them and their VA's making the phone unanswerable is a bummer. 

Option 3 is slightly higher interest rate but we could refi the property in under 5 years.

Use renters warehouse to show and screen your new tenants, they will warranty the tenants and usually have your place re-leased in under 10 days. 

Unless you are very experienced, you would not be able to get something built in under a year.