The properties appear to be in fair condition from outside and inside visual observation but cosmetic work is needed in my opinion to maximize rents (more formal due diligence is required also).The owner acknowledged the house was up to date on taxes and mortgage payments.

Thanks for the acknowledgement Christopher, this is exactly what the BiggerPockets forums are designed for and this is where I started when I began to buy NPLs.

That doesn't mean that it will rent for $750, so I agree with your point and acknowledge this is an area we'll have to do a lot more research over the next few weeks.

Yes it cash-flows great (a little under $1200 a month, 29% cash on cash return), but the support and positive acknowledgement i received from the community for transforming an eye sore to a diamond was worth millions.

I don't do 0 down stuff and I am also looking for capital to do some rehab for value add and rent increase.Condo Details:-Current Value $260k-Rent $1875, (Dropped from $2375 from 3 years ago due to oil downturn in Houston)-Mortgage 15yr 3%, total mortgage payment inc HOA/Prop tax $2375-Remaining mortgage balance $130kI acknowledge this is a negative cash flow property. 

I asked her what about the damages and cleaning fees for smoking in the rental when it’s stated and she signed acknowledging she is not to smoke in the property.

One of the others just went under contract a week ago (I'm actually partnered with someone I met here on BP - Hopefully we'll have a success story to post in a few weeks) and three others have title issues that I'm working through in order to make them legally marketable (2 of them should be doable but the 3rd will take some CREATIVITY and hard work).I rarely acknowledge 'holidays' so I'm meeting with a buyer and seller (2 separate deals) today on a couple of Realtor deals I've been working (which I do if I can't make a wholesale deal happen cheap enough on the purchase side).

Should I have them sign something (before the closing), acknowledging that the appliances are owned by the property owner, or are the leases they signed sufficient? 

Now that I’ve closed my lawyer is reluctant to return my calls and emails, but does acknowledge the issue.

@Jay Hinrichs, I acknowledge that the rules (standards) for forum posts are different than for other transactions.