yea essentially that is whats going to happen...but term sheets are more deal specific.They will basically provide you with a pre-approval letter based up to a certain amount...just like a traditional home loan.  

I told the broker today about my concerns with the rent roll and he basically said that what he was able to produce for the OM took a ton of work to formulate the numbers to be what they are based off the scratch pads of accounting they the seller maintains and calls records lol.

I've been trying to find more basic/newer properties, but what you're saying makes sense (find a dated but livable property to start out).

Using the basic 70% rule (70% of ARV, minus repairs (and closing)) I come to a max offer of $145,200.

We wouldn't really need to add anything else, I don't think... basically renting the land out.Does anyone have any thoughts or opinions? 

I know I've met a lot of investors who are using them to basically liquidate their holdings here and look for other opportunities.

I basically have several questions for you folks:Is this a good strategy for the first investment?

Pretty easy when its just a quick clean, paint touch up etcBut when its a bit more.....Kind of weird basically saying "here's pix of the unit....but it wont look like this by the time you move in".

It ask them the basics like you mentioned and things like salary, people on that would be living there, previous and current landlord, dogs/pet info etc.You don't have to login to get the application and take a look at it.I charge a $40 application fee before paying to run the check.

Fast forward: Servpro serviced and Insurance fixed the repairs, basically everything seems new in this place, but I'm still not sure how to feel about it.