Of course, many investors bend/break this rule, but that's another risk.2) If your bid wins the foreclosure auction, you then have to deal with getting rid of any occupants - who may steal/damage everything they can in retaliation:(3) You MUST have a great crew on the ground that can minimize surprises - not easy to do on your first deal.Regardless if you buy a foreclosure or other property, read our copy & paste advice below:-----------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

although we bought about 6 years ago or so for 270 put 100k into it so you can do the math  no debt .. hoa 400  we pay utls. 200 or so.. so 600 a month out of the 3500.. tax's about 1500 a year ( got to love Vegas taxs ) value today right at 600k.. so lets say we net about 33k a year on 370k cash .. so not bad little under 10% COC with an outstanding tenant one of the best I have ever had.PS given tenant quality we manage ourselves.. 

No matter where you choose to invest, please keep in mind the following (copy & paste):--------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a Class A property in Class D area, what quality of tenant will you get?

Tell them that you are serious about running a quality STR and to have them call you at the first sign of problems.That will give them some peace of mind and have a way to get a hold of you instead of calling the cops.

I really am a fan of RISD because it is high quality across DFW in general even relative to the big names in Collin county.

The allowed rent amount should be pegged to market rent, so it would only be way off if your unit is a way different quality or neighborhood compared to average. 

I think their general stance is going to be to go with whichever comparable property has the greatest degree of similarity in terms of (probably, in this order): location, age built, quality of construction/current condition, and square footage.

Hello All,I joined Renatus 4 months ago and it is the best quality education I have ever seen.

Days wind down and now they have a (knee jerk) reaction and buy something non-optimal for a property just to avoid tax penalties.Had they been realistic starting out they would have had time to locate quality properties to buy instead of looking for a Unicorn.

But I also sometimes think owning only 1 property in LA would be less stressful and a more reasonable mortgage payment would improve my quality of life.