An observation: $330 rent is very low per unit rent, and it looks like utilities are included in the rent.

I was so nervous, but I put on my best poker face and just observed how others handled themselves when bidding. 

They are only required to disclose material facts that are obviously wrong by visual observation and if it's rented out the broker may not have set foot inside.

I quickly explained I was just observing to learn.

Problem is, the home ownership rate (at least where I live) is at an all-time high, and even with the subprime woes I don't think this will significantly impact that.My observation (I am not yet a landlord BTW, but I do a lot of research:) is that vacancy rates seem to be improving, but rents haven't really moved (yet?).

Carl,I'll add one more observation, assuming you are interested in passive investing, crowd funding is one way to do it but don't overlook syndication and direct relationship you can get w/a deal sponsor and the learning that can provide you to be a better investor going forward.  

Sometimes you just have to do things to make tenants happier. keep in mind that the leaving tenant is not expecting to be rewarded for reporting issues, they expect to be charged for them so it is on you to be observant.

Anyway, just my observations. 

., observe all state laws concerning annual reports, separate financial accounts, recording minutes (whether required or not), etc., you'll appear more of a businessman than many of those crooked CEO's on Wall Street who treat their Fortune 500 companies like their personal piggy-bank.

but I would very much agree with Jeffrey Butler s observations!