In addition to what others have said , make sure that each subsequent purchase is positive after accounting for the 75% of rent that the bank will recognize.By doing this, you are slowly strengthening the average.

If you can let a subsequent investor buyer in without a bank, the price seems almost irrelevant.  

But all the subsequent ones for that year have a higher rate because he's still charging you the same amount of interest even through you've reduced the balance.

If so, be careful not to strike a deal with this borrower, even subject to your deal, as you may have some problems with your price level and subsequent dealings with the borrower.

If there is no foreclosure that has removed the interest of subsequent liens (minus goverment liens) then any concerns should definitely be brought to your title companies attention and ask if they can "bond" around the issue.

For those of you who have owned rental homes and subsequently sold them, I have a question.

The reason is due to each of the different lending guidelines for Conventional, FHA, and VA, and how you need to qualify for each subsequent property.You should use FHA first. 

I spoke with the agent a few weeks ago when I went to see the house because there was a squatter in it and subsequently I didn't get to see anything above  or below the main floor.

After talking with him he subsequently put the property on the market.

my rules:1. buy appreciation only when the bellow apply:a. its a 30% rehab (when your contractors quote the rehab for less than 30% of the purchase and subsequently ARV value is going to be 30% higher than purchase price+rehabb.