I'm getting ready to get a property under contract, it's a 12-unit run down, beat up...basically a complete rehab top to bottom.Here's the story: In 2005 it was sold for $320,000 then in 2011 for $85,000 for some reason (I'm thinking the neighborhood) the owner of the property in 2011 listed it at 50k and it sold in 2014 a few months later it was sold again for 23k.The current owner is very open to negotiating price and even at 23k its well below every comp I've seen for the area-there are apartment buildings literally on the same street that have sold for around $135,000 is there something I'm not seeing? 

Long story I won't go into. 

Getting started can certainly be frightening, and the challenge of getting a spouses approval is a story that's been shared many times. 

Have there been any horror stories about renting out in-law-suites that don't have a separate address?

To make a long story short, he made a classic error and commingled funds a few years prior and opened him up to liability.

To make a short story of it I now have a  4/2 1465 sq ft for $172,500 this home is a few 100 yards from LA Sierra high school and the ARV is well over 300kI never would have found this deal on my own, total off market deal.  

If not done correctly, it could be a total loss.1)  You need insurance to cover the loss of the property as soon as you buy the lien.2)  The lien could be ruled invalid in Federal or State court.3)  You must have the ability to pay the first lien in full when the note gets accelerated.4)  The property could actually be worth much less than you pay for it.5)  It could take years with little or no money coming in before you get a dime.Don't get me wrong, I am not saying this is a bad deal at any price.  

Quick story- I had a customer buy light bulbs and lights from me a couple weeks ago.

Although the properties I am about to mention were primary residences, and not really investments, I writing this in the hope that my story so far can demonstrate the following: 1.The power of appreciation in developing countries like India2.The power of goal setting, positive thinking, and taking action3.The importance of networkingIt may come across as bragging but it’s not about how humble I can be.

That is one incredible story @Eric Braden!