However, I've got a NET of $49K in it, so the income stream works out to about 12.25% on this deal.One other thing, obviously the agent didn't charge me any commission on showing the place to my buyers.

They're about 5 months behind on payments.Here's the numbers:FMV after fixing about $105K-$115K.Probably needs about $10K in repairs.Loan balance is about $48K,Bank wants about $5K in late charges and legal fees to date.Wife wants to walk with $7500.My attorney (who's also their attorney and brought me the deal) suggests paying the wife the $7500 (obviously I'd only do this into escrow subject to my getting marketable title.Then buy the bank out (HERE'S WHERE I REALLY NEED YOUR HELP), I sure don't want to pay them full face on the note, nor any late or attorney charges.

EG:I work for a broker that pays me 95% commissions, & charges $600. a month for admin fees.

The house is sitting empty, about a $51K balance owing, (probably some late charges and penalties) but if she can walk out with $7500 she'd be happy.Anyway, I've done a pretty complete walk around and peek in the windows, typical cosmetics, yard and shrubs are pretty crappy, not too bad overall.

Have a contingency plan in place if a unit remains vacant for a few months.Determine what a competitive rental rate is for your property by asking rental agents what they would expect to charge, by reviewing area rentals, and by personally visiting rentals available in the neighborhood.Run the numbers.

The ability to save on the amount of the interest rate you are being charged…. month after month….. year after year… 2 or 3 % or more is huge.

I always kept all the repairs on me for the same reason, I also charged higher than market rent.

I was curious what other landlords out there do for their tenants that is "above and beyond" what is written in their leases to retain good tenants.I'll start: :whistle: Plant an herb garden for them to useInstall washer/dryer - no charge for useYour turn:

I will charge anywhere from 4-6%.

I understand the poor very well, since I was charged with oversight of over 1200 public housing units as a commissioner, a very active commissioner at that!