When the OP first appeared, I almost wanted to say why are you trying to offload the easy part - collecting that rent check - and do the hardest part, weeding out the riff-raff of the tenant pool.The thing about the good quality tenants is that they tend to be less management-intensive, meaning that if something small is wrong you'll be told or they sometimes just have it taken care of themselves.

The stench in the house is truly intense.

We've already put money out of pocket for this project (ie. earnest money deposit on land offer, soil/perk test, paid builder to dig hole for perk test, etc).

But makes sense since they would require soils test, tons of inspections etc..I can not deal with the hassle.

Your into it almost 100k it seems all said and done and estimated value is 150kHey James,I’m glad that you took the time to look at my site.First off: The $80k figure was a test to see if anyone was paying attention, congrats, you were the first to check my math!

Most concepts translate well to my individual investing adventure.I do think that those starting out who can work in a field that is numbers intensive will find it beneficial to their REI.

This is to compensate for the "aggravation" factor,management intensity and probable lack of appreciation associated with the lower end areas. 30% ROI on gross rental that you mention often relates to at best 15% net.

I then flew through a RE Broker's class and testing and I can tell you that had I taken that Brokers class years ago, it would have saved me thousands and made me thousand more.No guru program is telling you what your state laws are and how they are applied, about your local market, about the basics of RE that are the foundation and reasoning behind transaction or how transactions flow through the system.

When my father pulled an electrical permit for his house, the inspector handed him a math test- ohm's law, load calcs & what not.

I think the consensus on the forums that the "2% rule" should be renamed the "2% test".