And when *I* market turnkey rentals with the correct expenses included and the *real* returns (which generally work out to 5.5%-6.5% cash on cash, 8%-10% with mortgage paydown), some potential buyers counter with, "why would I buy that deal?

joel - I can tell you from having managed hundreds of units over the years that these types of situations almost never work out in your favor.

Anyway, if you just stick to basics it should all work out for you.

It’s a major rehab, don’t misunderstand, but it should work out very well.

I don't live in Houston, but I work out of there and spend more time in that city than I do at home.I'm thinking of buying a place up north (Spring, Woodlands, Kingwood) and live out of one room while I rent out the others.

As the broker's assistant, I'm pretty sure you could use their MLS access, show properties, and potentially collect commissions depending on the arrangement you work out with the broker.

That leaves it up them to work out how to distribute the old deposit.

The all others is critical and covers everyone known or unknown to reside in the property.This way someone living in their cannot say the eviction says so and so but not me so you can't make me leave.Front and back lock sets cost me 28 dollars for the set with deadbolt and we put those on the second we finish with the writ or the tenant voluntarily hands over the keys and it is vacant without filing eviction.We do this because sometimes even if tenants leave on their own they have an extra key they don't give and then when where they move to doesn't work out or have enough storage they start putting junk back into the apartment they vacated or try to squat there one day and then another place another day.Sometimes in apartments tenants will hop from one apartment where they are evicted to staying with the unit next door that is paying.After awhile say a week or so the good deed wears off and that tenant wants the people gone from their unit.Was the power in the husbands name??

If you have good management skills you could make it all work out.

From the experience I've had so far, I think you'd be pretty lucky for it to work out like that.