It seems, on the surface at least, we can all agree that foreclosing on a borrower and selling the property to a different borrower is completely legal.

I haven't even scratched the surface yet!

I have a property that provides me with the 3% rule-of-thumb (Purchase + Repairs = $30,000 and Rent = $900), which sounds awesome on the surface.

Now after purchasing six deals with a seventh under contract I realize I have just scratched the surface and have much more to learn.

It may appear, on the surface, that refinancing may be the better option, but at some point you will need to sell.

On the surface I am fine with the deal.I will be specifying the minimum repairs.

Solid surface is best.

Now all this crap surfaces.

Take a hard look at the properties for slip, trip, and fall hazards; loose and missing electrical or plumbing fixtures; obvious leak sources- roof, supply piping, or sewage; exposed wiring; adequate lighting in all common areas; fire hazards; sources of combustion gases; pest infestations; peeling and cracking painted surfaces; loose or flaking insulation or other coatings; inadequate electrical, water, or other utility services.Deal with the obvious first.

The way I see it on the surface, I'd be better off buying a $400k (ARV) house at 75-80% ARV than a $160k house at 70% (ARV); I'd have a more desirable house with a larger net profit, and if things went sour during the rehab I'd be able to get out from underneath it easier, being that that type of home is more in demand (therefore less risk in that respect).