Hope we didn't put the cart before the horse by booking our tickets before we found the property.Sorry for the longwinded message but I do appreciate you opinions.Peter

I thought he was going to give me couple of pieces from remnants sale and I thought great, I just need something decent for my rentals, so that should work fine.Then he started to explain what he had in mind, he said he can write me a fake ticket for a lot lower price and I can just pay him a few bucks to get the "discount".

Even if the 2% rule is low for value, there is no way that any investor would pay more than 1% of the rent which would put the value at $70k, and most investors cap it at 1.5% ich would value this property at $46,700 (rounded up).Also, you expect to make $10k in a wholesale fee for a property value of (in my estimation) under $50k?

Also it makes a difference is the house is outdated.If it is functional but outdated it will become an expense for the buyer down the road with upgrading to sell to the next buyer.For instance if a home is 1 to 2 years old and you buy you can get away with owning a few years and reselling without pouring a bunch of money into it.If you buy a house that is say 5 to 10 years old and resell in a few years you will most likely have to spend substantial money updating for resale.On the bpo's now they actually make the 3rd party bpo broker/agent (who does not have the listing)sign an electronic from when submitting the report that they have not been influenced nor have they had discussions with any parties relating to the value of the property.The buyers broker,buyer,listing broker,and seller all have an interest to see the sale happen.The BPO person getting paid for a report is just an objective 3rd party.You want to make sure and not overpay for a property.For instance you put in an offer and wait 2 months for acceptance.Meanwhile the market has declined 6% since then and your deal is no longer that great.It's critical to know with a short sale how many mortgages and liens are present.The more to negotiate the more of a long shot of getting approval from all parties and hitting the value needed.

At least here in CO, a landlord could not get away will sending you a bill for the remaining term of the lease.

(I'll bring some Round Rock Donuts!)

Then my partner went to look at a new listing (without me because I have a full-time job and was unable to get away) and he called me later to let me know that this one had a lot of potential.

We'll put a ticket to our development team to get this rectified.

@Chris Heeren I seriously doubt that you will be able to evict them for lots of visitors and the smell of pot in the common area (unless perhaps you're in Round Rock, Texas).

Good luck...and don't let him get away with it.