Other sites that can be successful included Facebook (specific groups you are targeting like traveling nurses or 5th ward housing, etc), Airbnb/VRBO (30+ day stays) and insurance placements like ALE Solutions.

A lot of sellers are panicking, thinking the market’s going to crash, but they don’t really understand what’s happening behind the scenes—demand is still strong, people are still moving to Florida, and that creates opportunities.I own 32 properties, and I’m always tracking values—rents, insurance, taxes, all of it.

DSCR loans go up to 80% of the purchase price and depending on the Debt Service Coverage Ratio and your credit score you can expect rates on a 30 yr loan ranging from High 6%- Mid 8%. 

Is $107k your true net, or do you have any other expenses (mortgage, taxes, lodging taxes and fees, insurance, utilities, landscaping, WiFi, etc.)?

Was the repairman insured/bonded/licensed?

When you move forward, they should provide proof and name you additional insured.

Assessments, in the "condo world" cover items not insured.

With a private auction of an already foreclosed property, you will usually be allowed as part of the closing to have a title search done and to buy title insurance.

But it's still...whole life insurance.

In addition, you would need enough working capital to pay for insurance (which will be going up a LOT in Los Angeles) and to pay for property taxes.Don't buy this unless you have substantial resources and a cash cushion to keep yourself safe.