I have noticed the quality of tenant is outstanding but the returns aren't as good.

I'd just like to add that some of these old homes have outstanding woodwork, stained glass, fireplace mantels, etc.

If they can not do that, have your assistant ask them whether they would sell for the balance of outstanding mortgage.

If someone is offering a house for sale at $79K and there are outstanding loans for $240K then they are either planning on bring a BIG check to closing or they are trying to do a short sale.

I called her and she says she won't pay the outstanding amount.

After the closing, the attorney will hold funds in escrow until checks clear, settle any outstanding liens, record the deed, and then disburse funds to the seller.  

It is a good place to purchase homes outright currently as the cashflow can be outstanding.

After paying off all the outstanding property tax liens and utility liens, he isn't taking away much at all.Thanks for all the input and feedback.Mark

We spoke to the owners about the managers - efficiency, cost control, trustworthiness, etc.After all that, we narrowed it down to this one management company owned by a wonderful woman who has been outstanding, and now her d-i-l is also doing an outstanding job.I do not think it is possible to select a good property manager simply by interviewing them.

(sadly a high percentage of crooks) How they get paid or even whether they choose to get paid has little correlation to whether they are any good.PS: I mean no disrespect to Wheatie as he regularly gives outstanding advice here for free.