I've been checking up on them, and was recently astounded when they told us they would not be paying our supplemental tax bill (the difference between the old tax bill and new one based on purchase price of the condo).

Here are a few things that I have learned over the years that might supplement the spreadsheet discussion:- you never understand the full extend of the rehab until the demo is complete!

I personally feel blessed with my job and am not looking to quit, at this point I'm looking to supplement, but I like exploring the possibilities of REI.

However, if your goal is to cashflow and maximize supplementing your income, I'd pursue a lower priced investment home.

You'll have more cash on the outside to supplement. 

If I choose 'Individualized Assessment', can't I ignore all the items in the Inclusive screening criteria (Can't use credit score, can't use eviction depending on when, can't use criminal records depending on when, etc) and just use what I have been normally using (Credit score of 650, no evictions, no criminal record, etc) WITH THE EXCEPTION of allowing the applicant to provide supplemental evidence as to why I should consider them as a tenant.

Looks like a pretty good site....Just looking for any advantage I can get on foreclosures, deals, etc....I plan on using this site as a supplement to other methods...just another part of the deal making arsenal.Please share your thoughts on the website, thanks.

Grow your career and income, max the 401k, then consider the real estate to supplement it.

@Nicholas Morgan -  I would do this deal if you have other income to supplement you when things go wrong (which they will).

closing cost details purchase price of 180k, total loan to have been 240k totals of each group A: origination charge (x % of loan (points) 2623   admin fee 243 $ 243.00   processing fee 995 $ 995.00   supplement org fee 665 $ 665.00   underwriting fee 720 $ 720.00   $ 2,623.00   B: services you can NOT shop for:   203k consultant - initial inspection fee 700 $ 700.00   203k permit 600 $ 600.00   appraisal fee 450 $ 450.00   contractor validation fee 120 $ 120.00   credit report fee 80 $ 80.00   flood cert fee 13 $ 13.00   203k consultant inspection - reno inspection fee 1050 $ 1,050.00   FHA pmi, mip, funding fee = $3,875.74 $ 3,876.00   $ 6,889.00   c: services you can shop for:   title closing fee 1500 $ 1,500.00   title lenders cover premium 1500 $ 1,500.00   title service fee 500 $ 500.00   title update fee 900 $ 900.00   $ 4,400.00   d: total loan costs a+b+c     recording fee for deed $ 50.00   recording fee for mortgage $ 150.00   tax stamp for county deed $ 92.25   tax stamp for state deed $ 276.74   $ 568.99  *** note that each draw of money to pay GC costs something     OTHER 203k Consultant Fee's   Change order preparation ($100 per)   Draw requests ($275 to $350)   Change is scope ($275 to $350)   Mileage charge if over 30 miles ($?.??)