Get rich schemes tend to burn out.Change in rules, laws, downturn in people traveling to urban areas are just a few examples of things that will likely bankrupt some of these people and put them back to work at Wally World.

The last thing we need is a bad rep with the lenders who we are trying to get to release liens.An article came out yesterday in a local Portland, OR paper outlining predatory schemes that "foreclosure consultants" are practicing.

It seems like this or my Mother is being sucked into pyramid schemes.

It might eat into my cash flow numbers, but I sleep very comfortably knowing that I have maintenance and repairs accounted for if something should arise.With that said, whether you're charging $1500, $1750, or $1900, it doesn't matter in the grand scheme of things as long as (1) you've got a positive cash flow with decent padding, and; (2) you're comfortable and happy with that cash flow number.

Most of this info is what you can't do legally and BP is not going to get into the legalities of this they are just going to talk about Schemes and come up with clever names to call things.. like the 2% rule or whole tailing or other things like that..  

It is NOT a get reach quick scheme, but a way to have a cash flowing asset with all the deferred maintenance complete without having to put the traditional 20% down.

update...just when I was scheming with my realtor what I should do to get some movement going...Fannie Mae came back with an acceptence!!! 

Cali has mountains surrounding and the views in the afternoon are brethtaking even while just driving...there are many other aspects of Cali and this areas I can talk about ..like being surrounded by the 6 top Univesities in the city ..best private schools..shopping centers ..restaurants so on ...so forth ..I would more hesitant to investing in Bogota and Medellín less so in Cartagena than Cali due to factors that make the Caribbean at less desirable destination for locals due to preversive cultural colourations..people prefer living in land lock cities instead...

If you have the funds for the rehabs, I think your current misfortune is actually good in the grand scheme of things.This is only based on the details provided, which doesn't include the class of property/tenant pool.

Also, there are some attractive tax advantages for buying new (reduction of fees to about 3-5%, reduction of impots, etc.) with loi penal and other schemes like it.