By the way I found this property while riding my bike in my neighborhood and striking up a conversation with a guy who was trimming the very out of control trees in front of the property for the owner..

After striking out a bit, I've learned the term is "Builder's Risk."

This is indeed a legit strategy, but if you don’t put work into it.... then like with everything else.... it can fail...Key is calling these homeowners consistently and following up.As it goes going to auctions and recording how much property sold for, writing it down and chasing homeowner right away....Indeed gives you bigger chance.... of striking a deal and signing owner under contract vs looking only at online lists...Look for probate properties.... and look for foreclosure properties.You don’t need to be super smart to make money in surplus funds, but you will need to know.... how to skip trace deals and send out letters, cold calling people and pivoting them.

Or do the numbers I presented strike you as mostly accurate and there simply isn’t a lot of trades taking place?

Just start 10% below your strike price so you have some room to negotiateGood LuckGino

Lightning does not strike often.... so I'll take the chance i don't get struck on this oneThanks again for the well thought out responses

@Greg Shows Many lenders won’t give a HELOC on a rental property, but there’s a lot of programs out there now.With that said the capital gains tax situation is piece to work around if you want to avoid/minimize that for your relatives.There’s several ways to go about it from buying the place with a conventional loan to doing a lease option with a strike price that follows your relatives declining principal balance on their loan.

You need to have your funds lined up and be able to strike

If they can keep striking while the iron is hot, they will continue to grow wealth at a fantastic rate.

As a Midwest investor, it seems as though Seattle was the epicenter of the rent strike movement to me.Good luck!