Once some lender or RE agent ends up the target of a lawsuit or criminal action this nonsense will end.Bienes - I don't mind someone previewing my lease -- but that's only after they've paid the $35 app fee and been qualified so I know they're serious.

It makes it sound like you don’t understand real estate (Again, no offense, just my opinion).

(No offense meant Eddie. :-) I catch some Jonas Brothers if I'm working on a tenants house and she has it on for her kids.

I disagree with you Mark, and considering I've only been in this real estate game for a year and a half I take offense to your comment of "who wants a bunch of new investors mixing into their area?"

When an app is finished I meet to collect it, plus the fee, and to compare picture i.d. with the name on the app.Sadly, a small percentage of applicants still think I won't uncover previous evictions or criminal history.

My advise would be to research a bit deeper than an online forum where we cannot see the actual scope of work or no offense your workmanship.

The level of management needed will depend on the age of the property and what type of repairs have been completed along the way.If you buy a property with deferred maintenance getting it turned around the first 6 months will take a ton of time.A manager should be compensated for the extra work in that case.A 10% fee simply will not cover or make worthwhile all the work involved.There will be eviction,court dates,trash outs,re-conditioning,advertising,tenant apps with criminal and credit check,ongoing repairs with tenants that are staying,etc.For all of you that want to manage other people's properties you need to check with your state's real estate commission.In many states including mine you will have to hold a license with a brokerage or be a broker.Some exceptions is if you are an employee of the company etc.I think often times investors have a high expectancy of PM work.Simply it's like owning a restaurant and having an 8 hr worker.To expect that worker to be just as excited and diligent about the business when they get nothing but a small check is a pipe dream.If I pay 100 for a steak then I demand service.If I go through the drive in at Taco Bell I expect the food to be correct and nothing else.Managing 100 properties yourself without help is the exception and not the rule.This is based on my experience dealing with apartment owners.One had about 210 units over 10 buildings all within a few miles of each other.Vintage stock and unit mix was all different ages.They ran it themselves BUT had a full time leasing manager,bookkeeper,and about 3 maintenance guys.There is no way without the help they could run them selves.I have seen basically one person locally could handle up to about a 20 to 30 unit by themselves.After that it becomes really difficult.Many investors buying in this range are not purchasing a new building.These are older buildings that need constant upkeep and have problems.Typically the mechanicals,plumbing,electrical all start failing at different intervals.I have a 20 unit and have a live in PM.It lets me focus on my real estate deals and I check in with them every 2 days or so to see how things are going.I don't want to do 10 hr work when I can make hundreds per hour selling real estate for my clients.If you want to invest out of state you could do triple net leases for mail box money.The CAP is about 7 to 8% where I am at right now.If you want higher returns then usually you have to take on more problems and risk.

Adrian, not offense taken at all.

have any of the experienced short sale guys (absolutely no offense adrian, I haven't closed a flip yet either) - nick j, james ward, scott hubbard, etc - anyone actually seen this happen or even heard of it?

:)(no offense, Eddie, it's not your fault :) Seriously though, knowing Texans like I do - I give these new moving targets an average life expectancy of 3 days.