We don't have any of that out here in Vegas (well i guess you can find a basement on freak occasion but it is definitely not the norm.)

To me, that's gambling, and while I don't mind gambling on occasion, I don't do it with with my investment money

I've seen cases where BPOs were done without the agent/appraiser even going into the property, so to say that the bank has factored rehab costs into the equation is many times flat-out incorrect.On many occasions, I've had the bank come back and say, "Please submit 3 bids to support your offer."

On a rare occasion, a payment made through erentpayment.com will be returned for NSF, but I don't get charged.

I'll go full disclosure and say I typically only pay my normal PITI payment but I have on occasion plopped down and extra $20,000 on principal reduction in a year where I didn't acquire any other properties and have a lot of cash sitting on the sidelines.

On rare occasion it could be more or less.An investor can do as many deals with us as they have money for typically, it can just take a bit of time to find the deals.We usually hold the money for 1.5-2 years then refinance with traditional lending and pay the investor back.

I'll preface my response by saying we do not wholesale, so on the couple of occasions where we have assigned an Agreement of Purchase and Sale to a party other than one of our own entities, we made no effort to hide our negotiated purchase price and were very upfront about the fee we would require to assign the contract (6-months of revenue).

Even IF you could fix it all for $15k plus the PP of $8k for a total of $23k, you'll be lucky to get $550 rent [on occasion between vacancies and vandal visits].Unless you have experience in this type of home I would make like Forrest Gump... and run away from this money pit.I tried this price range of homes when I first went full time a few years back and hated it.

Personally, I only do earnest money on listed properties, and on a VERY RARE occasion with a private seller.The title company CANNOT play the role of an investment savvy attorney, unless they are actually investment savvy attorneys. 

On occasion I will have to fix something, but I haven't even been inside it in over a year.