As mentioned, this is not mortgage fraud values either and lending is not as loose as was the case prior to 2007/2008.

@Glenn EnglishOne way to loose your $200k is to join with a partner you do not know. 

Setting proper expectations as to how, when & why the property manager will contact you is key.One thing to note when looking at the individual markets, you can make or loose money in any market.

Even if they are right, this property is loosing more than a $1K a month and you are asking if you should buy it ... you like loosing money :-) or there is something in this deal that you are not telling us here ?!

When going into a new market you can make or loose a ton of money if you buy in the wrong hood. lol pun intended.

My lease doesn't allow the tenant to repair unless the repair is less than $25 (think towel bar coming loose and just needs screw turned). 

I agree with bumping the Repairs and CapEx a little bit, although it is a newer property with a recent renovation, something is bound to come up. 

He ended up falling behind on his payments and taxes and was about ready to loose everything......

He’s worried that loose insulation will fall out in his closet and make a mess.

(I.E toilet seat cover is loose, can you come tighten it!)