There were a litany of major repairs needed (structural work, mold infestation, an unusable garage that needed full replacement, broken a/c, big hole in roof, etc. etc. etc.).  

Bought and rented foreclosed properties in the past, but now focused on buying, upgrading/renovating, then selling distressed properties in Central NJ.  

Here is a part of the letter, I sent to the seller:The home inspection was completed on September 29th (please see attached) and the following issues were pointed out: 1.The wooden floor frame in the middle unit is deteriorating due to either prior water leak in the bathroom or due to moisture infiltration through the walls and foundation.2.There is evidence of significant settlement under the middle unit bathroom and north closet.3.The settlement of the floor and walls has also resulted in settlement of the roof frame above this area, ceiling shows cracks.4.There is an obvious depression on the roof – water is ponding on the roof above the middle unit, which adds excessive weight on the roof and potential for leaks.5.Asbestos containing material has been found.6.The current bedroom heat installations in the north and south units pose a safety hazard from carbon monoxide, fire and oxygen depletion.7.An electrician performing upgrades did not use ‘arc fault breakers’ in the north and south unit breaker panels, which is required by the national electrical code.8.Upgrades to the electrical system, promised by a real estate agent, have not been completed yet.

--- If there is no security deposit... you are assuming these tenants and in essence you become a landlord by default... what happens if the tenants leave the home in a broken state?

Gross Rent = 8832I went with $800 per month even though similar homes go for $750 this home has had upgrades to include wood floors and new carpet.I used a 8% VAC.2. 

If you upgrade to PRO, you can go in the webinar archive and check out all his videos on deal analysis!

If it is broken again rinse and repeat until it stops breaking or at least they are covering the cost.

They are fee heavy and sold on broken promises.

I know there used to be a group that meets the first Tuesday of every month at the Buffalo Wild Wings in Broken Arrow, but not sure if that's still meeting as I haven't been in a few months. 

And also how far broken down is this information is in regards to submarkets in and/or around the metropolitan area and city proper?