If your tax assessment is higher than that, you are allowed to visit the tax assessor and get instructions on how to contest their valuation.

Get your CPA to send you the instructions in writing and follow to the exact letter of the law or be ready to come up with whatever your tax bracket is in cash 30 -40% cash in April of the next year.

I would also instruct them to go to Home Depot or Lowes, get all of the supplies together and I'd meet them at checkout when they are ready and I'd pay for the materials.

For me (I hire out GC to do flips) its more like fishing for when something on or off market comes my way where I can see the hidden value i can add.

Always get an inspection on property unless you've done so many rehabs that you can afford to overlook an inspection and foot the bill for hidden surprises in order to lock up a property quickly and for far below market value.

Or when the showing instructions say "Text LA" who responds "Call the office" who says they'll call back when its confirmed and never does.

If it was thousands, perhaps but otherwise move on unless you enjoy tilting at windmills ;).Lesson for next time is to include in the purchase agreement instructions to the title company that they should hold back X months of rent from the purchase proceeds to cover possible misdirection of funds and only release funds once Direct Deposit from HUD into your bank account have been verified.Oren

I've instructed the tenants to mail payments for now, but would like to find a more convenient long term solution.The previous owner had payments deposited directly into their account.

I was also instructed to put each lot in a separate business names to prevent having to go before the board for approval(which takes longer).

Good economy or bad, our job as investors is to find those hidden gems and stay away from the hype.