The current style I take he is a master and 6th degree black belt.Amazing guy and a heart of gold.

Another update.I backed out of the deal.As soon as FNMA accepted by offer, I had to commit to EMD and sign their REO addendum.They asked for a 90 day deed restriction, which I was OK with.The property is probably worth 165K when it's rent ready, but right now it's not.My accepted offer was 131K, with an estimated 20K to correct the violations - well the violations I know of - illegal fence, illegal staircase, illegal pond, two illegal exterior structures (gazebo style steam room and weight room), and illegal driveway and decking, plus some interior violations on a master bathroom plumbing.Oh, and a 345K city lien from years of daily fine.So when the clock started ticking I began to do my "thorough due diligence".Had my attorney reviewed the contract and looked into the lien issue.Now, the city, as a matter of policy, WILL reduce the lien down by 90% once the new owner makes the corrections and clear all the violations.

Using sights like realtor.com and zillow also show sold properties.Tips for comping out property:*same town/ area or as close as possible if no recent properties to compare are showing up* find comps that have been sold in past 6 months(1 yr the latest if absolute necessary)*do not comp properties that have not been sold because the list price may be very far from the sale price *comp similar style homes* comp similar bed,bath and size

They may be sacrificing on the short term cash flow number to do this.

It is interesting to see the different styles.

I was really enjoying reading your progress, and I can say I really related to much of what you wrote (especially about your fears and trepidation), and loved your style of writing and your sense of humor. 

You could also try partnering with somebody or investing in notes or some other form of REI that may fit your investing style a bit better.

The good side of the fence is on my side, its an old style fence (bottom 2x4 horizontal instead of vertical like is done now) and it has a mud board so the bottom of the pickets is the weakest point.I have taked to the tenant quite a few times and suggested things they can do to keep the dogs away.

So, we did quite a bit of work there, besides cleaning and degreasing the kitchen literally for DAYS, we painted inside and out, replaced several expensive casement windows that had small leaks, updated most of the plumbing because it was a garish looking chrome and brass that was probably already going out of style when it was built, all new top of the line appliances, etc, etc.

If #1 is a brick townhouse or single story style with a shingle roof in good condition (for example) then it might be a better buy than a painted wood, flat tar-roofed bldg with apartments that are over/under. or if one has separately metered everything, and the other doesn't.That sort of stuff can make a big difference that doesn't show up immediately in the math