I've come up with two solution one fix it up and flip it but I feel like the area that it's Lombard wouldn't be a good one to invest in.

My advise is to carefully monitor your maintenance costs on each property.

I haven't set up a solo-401k yet but will be in the near future so now I am learning as much as I can to make sure I don't step into mud without knowing it.I believe based on your post, I really do need to hire a property manager to handle everything from assessment to executing a solution to whatever problem might creep up.My original thinking was as the 401k fund custodian I can't do any physical work but I would be able to take calls from tenants, as well as going there to assess the issue, for the purpose of determining which pro to call in to resolve the issue.However I also know while assessing the issue often time I might end up having to do physical work - such as reaching inside the cabinet to turn off the water valve, or flush the toilet to see what's happening, or opening and closing a window, or even turning on or turning off a light, those are technically all physical work right?

The solution if you don't have funds?

They actually send out flyers right after the deed is recorded telling the new owner that bills received are only part of the story and to monitor their tax balance closely.I'd be surprised if you can hold the bank that sold the property responsible for past due taxes, since you signed off on all the escrow docs.

Its about solutions.You are the provider of solutions and one person from your buyers list completes the circle.As Bill pointed out, getting the deed 'subject to' eliminates approval from the seller

She had tried to sell it but nobody could help her, so when I addressed the situation, I simply tried to find a solution that would help her out in the best way possible, while making it a profitable deal for me as well.

Hi Britt,I am so happy to you received some benefit from our talk.Some points Britt: Solve a problem for the seller, don't force a solution down their throat.

I rented my smallest house to a middle age man coming out of a transition program; nice guy who had a job and very positive feedback from his supervisors both at work AND at the transition program.Sadly, he was one of those guys who did well when closely monitored but poorly on his own.

This would mean that I would pay off her immediate $30,000 and then make her mortgage payments in exchange for title and possession of the property, seeing as the difference between the collected rent and monthly payment was +$850, thus saving her credit from being ruined and destroyed.But here's the kicker: even after explaining this and how I could take care of her debt, pay off her mortgage, save her credit, and solve her problem fast, she then asks me, 'Will I still get $10,000' 'No, but I'm offering you debt relief now and a solution to your problem' 'Unless I get $10,000, I'm not interested.'