And don't specialize in million dollar homes only, because that's where the majority of all other agents want their listings and buyers to come from.

It's a good location and solid structure in a city with high demand, but the interiors were treated poorly pre-foreclosure so will need a major overhaul.

I guess the only plus side IF I have to replace the unit is, it will be mostly major-maintenance free for awhile.

Yes, turn the water off, but after you turn the water off, turn on a faucet to clear out the water already in the pipes.Also, when new tenants move in, I make sure to show them where the house's main shut off valve is in case there is ever a major leak.

However some people might only want to work in one or the other so you might need to build somewhat separate lists for both.That really shouldn't be a major drawback.

If they had major health risks or were uninhabitable there would be a problem getting financing.

I have seen some condo owners with lower COA fees get hit with major assessments they weren't expecting (think $8k for a roof, $2k for painting, $3k for elevators, $2k for paving, etc).

*The * is that the rule doesn't apply to some markets like much of California or most major metropolitan areas.

And a discount that deep tells me right away that the damage is major.

The majority of those homes are purchased "Subject To" as my partners and I are building a cash flow portfolio.