if you can show him that you are a hard worker and that you are willing to bust your balls to find a deal for the both of you i am sure he will give  you a chance and show you the ropes

Location, condition, you want a property that is comparable to most other properties in the market, but having some uniqueness to it can be a plus, but not so unique that it stands all by itself as an odd ball property.

I've never replaced one and wondering if you can give me a ball-park figure.

The next level beyond that would be to invest internationally.For me I would value more highly having a brand in a specific city and be able to exercise economies of scale with contractors, materials, etc. over ensuring that I am hedged against any type of economic changes.At some point I think it becomes a "chicken little" type situation. 6 units in 1 city does not seem excessive to me.Another simple way to diversify would be to invest in different types of units.

You can use zillow, or realtor.com to get you in the ball park.

I am sure you can solve for it in general form too if you need to exercise the brain a bit.

We fell for this one since it was a great property with tennis courts, sand volley ball, 3 laundry onsite, club house opening out to a 40ft x 60ft swimming pool, kids play area, a soccer field and a green belt.

I personally believe that this site has been the biggest source of enlightenment, and motivation for me to get the ball rolling!

Robert Ruiz - I sometimes think the Mayor or D-town is going to call me and ball me out . . . we definitely do pick on Detroit a little bit -- but sadly, it is just too easy.

Do shady or unusual stuff and frankly, you could be black-balled quietly by lenders, agents, appraisers, title companies and honest investors which basically puts one out of the business.