Or is it better to have a solid foundation of dependable income before jumping ship?

About 80 percent of the time the property looked good in the picture but when you got there in a matter of a few days to a week the place was trashed.You have to remember for the small commission the REO brokers are making on these it is "cash for trash".Small lots,old houses,very high taxes,and aging city sewer system that is falling apart.Many of these houses the foundation does waves,electrical and plumbing is stripped,mold,etc.Smart local investors are buying outside Atlanta in the surrounding counties where they spend a little more but nicer areas and higher rents and lower property taxes.

I need detailed electrical, HVAC, plumbing, foundation, etc.

Yeah, I always factor AC/heater, foundations, or roof repairs separate from the rest of the costs, as they completely change the game.

well... you would think that would be the case... but...this property is in a city that has no zoning, no formal way of evaluating a property and has no history of inspecting a property.home sits on 8 different lotsfurther, this isnt a rehab. the corporation who bought the home upgraded beyond belief. beautiful trim, accents, original antique knobs, new cabinets in kitchen, new appliances, new texture on walls, tasteful paint in all rooms, fans in each room, 2 big *** HVAC units, foundation repaired, new roof (although an E1 tornado touched down 1/10th of a mile from the home yesterday), new windows, gorgeous flooring is original and was refinished 2 years ago - clean, clean, clean and even cleaner!

It also gives me an opportunity to get to know the tenants so we have a good foundation / understanding for when they leave (They will all leave at some point and the property will require some rehab in order to market it for new renters or a buyer.Good luck!

I could not tell you what caused others to overlook that property (the foundation issues probably played a role) but it worked out really well for us.

I found at http://www.sbcvote.us/pdf/forms/recorder/FullReconveyance.pdf but I cannot figure what all of the blanks are for?

Look for these tunnels around the exterior and interior of the foundation leading to the ground where they get their water from.

Link can be found at the top of this page or pretty much anywhere you look on this site.