Of course, you have oil going thru a bust for the past 3 years, so that helps the average American (nobody remembers cash for clunkers, while getting that "fuel efficient" SUV).

Time this takes, 1hr max on a 1500 sqft house with a partner.No grease, just dirty walls: I like to do this after the grease stage too, but I get a drywall sanding head attachment for my long painters pole, it one of those attachments that swivel and you put in a rectangular piece of sandpaper.

I wouldn't touch that deal with a 10-ft pole.  0.5% of purchase price in rent is a terrible investment deal.

It's likely Knob & Tube and it ALL needs  to be replaced.BTW: this is the right time to consider upgrading the service -- that means new lines from the Pole, new meter and 120/240 service at about 120amp, 200amp still better. 

Maybe that bias is fueled by the land that I traded for the down payment from my buyer, it went to zero in the crash and I lost over a million.  

I bailed many a flipper out in 08 who were counting on helocs to carry the day only to have them frozen like the North pole ( pre global warming.)

We stay away from pre-foreclosures with a 10 foot pole unless it was listed by another agent on the mls.

Most of us wouldn't have touched a deal like that with a 10' pole, but Joe trusted that the sellers would do him right.

Fuel issues are a big deal here with the Corps of Engineers.I have looked at prices and locations, considering buying so I don't have any ownership expierence except for private docks, a real pain.

Use the $150 on fuel to get out and see these houses and meet your investors.