Your geographical location will not be a driving factor if you can source local third party management.

I continually tried to call both their cell phones and never got a response or call back and the only responses I would get would be vague explanations through text messages of where this supposed $7,000 came from that was never once discussed in the 6 months of rehabbing and numerous conversations the three of us had about the budget and expectations.

Listening to the BP podcast and Brandon Turner's great explanation of these strategies How did you find this deal and how did you negotiate it?

This is why everyone says that you make your money when you buy.My first version of response to this included an overly long explanation of the deal math that goes into creating equity.

In those cases, you’ll simply be hemorrhaging cash.Might make more sense to start with a condo or small house if you’re new to this or if you’re entering a new geographic area!

@Erik Whiting your explanation is very good, unfortunately in Elmhurst (Queens) NY it already happened.

Thanks for the explanation.  

As I understand it, Dallas sprawls out, so rents don't rise like they would in geographically constrained city.Does the $4B project mean that more people are going to be drawn to the area or does it mean that there's a whole bunch of new competition being built nearby?

Any ideas, or explanation on how we could utilize our current property to move forward in the future would be a great help.

:)jokes aside, it does seem extreme and I would probably follow up with the agent/seller asking an explanation why the extremely high excess charges.