I've been interested in this type of investment and I'm guessing this is sort of different, since it's not secured by real estate which seems like the more traditional way to do it. 

It's not like people won't know that the property isn't in a flood zone; if they finance it through traditional financing then the lender would most likely require that they carry flood insurance. 

Most of the guys I know of that are really doing a lot of work outside of traditional routes are so busy they don't have time to come around here and toot their horns. 

It's not a traditional bank underwriting approach.

We’re one of the few property managers that require W-2’s and a bank statement and we go way beyond the traditional, “income must = 3x rent” qualifier.Below is more information about what our Applications Department does to screen applicants and find the best tenants possible for your property.Required InfoWe require the following from each applicant over the age of 18, that is not a dependent of another applicant (as evidenced on a tax return):Copy of acceptable state picture IDRecent YTD paystubRecent W-2Recent Bank Statement, all pages, no info blacked outRecent tax return if self-employedApplicants are often slow about turning this information in, asking us why we need it and then taking several days to submit.

Quote from @Christian Padilla: Great post!

Purchase price: $260,000 Cash invested: $52,000 This gem of a condo caught my eye, despite the fact that I traditionally believed condos weren't as great an investment as single family homes.

@Christian Huynh glad you started on REI and have some experience.

It's an investment into the property, and if/when they move out or even if they're there you can now add a traditional dryer to the property and collect additional rent.

Christian