I knew there had to be some semi-local members on BP.

Don't buy into a semi war zone, especially from a long distance.

I cut rents on one unit for a semi peace keeper, but she didn't really manage anything, just a point of contact for me, she worked at a local bank and was very good with the public, so lucky there I guess.I have done more in low income housing than anything else and if you start out running a tight ship, it's no more trouble than some executive rental, ($1,200 rent) who thinks he gets a private gardner and talks to his attorney all the time.

Semi-nursing homes with limited care may be given.Low income housing, new units under tax credit programs.More si-fi, private communities larger tracts with seperate housing units in rural areas, one is popping up near here.

Use contact paper or just plain semi-gloss paint over smooth drywall.

Otherwise, find a semi-hard money lender to fund the deal.Just my 2 cents.

The credit partner needs some verifiable liquid or semi-liquid assets for reserves.Although these are not needed for the deal to close, they are reviewed for verification use only (bank deposits, stocks, bonds, mutual funds, retirement accounts, cash value of insurance or other).The credit partners, if classified as “seasoned investors” can often participate in up to ten or more transactions per year.

lowball offers like that won't see the light of day (in a semi-decent market).in depressed markets - do whatever you think will ultimately get you in the door, to contract and to closing.

Others get peel-n- stick tile, a thorough cleaning, new ac window unit and a fresh coat of semi-gloss white on woodwork and walls :-)Like others have already said... it really depends on the local market and what other landlords are offering at each price point.

I bought my first home with less than $500 out of pocket, I think it was 400 and change to be semi-exact.We had enough cash in the bank to prove we could make payments for x-amount of months, and we got a 103% loan.