Not alot of people realize this, but if you sell for $40K less than the property is worth, be prepared to be sent a bill for the $40K after closing AND be prepared to be sent a tax form to treat the $40K as INCOME on your taxes for the year you sold it (which TOTALLY RUINS YOUR DAY!).

i would never purchase a property sight unseen. i would want to see the actual condition and the area that's it is in, do my due diligence. example: my Daughter and her Fiance just closed on a property ( Dec 30th ) but before that we went looking at many properties, pictures you see for the houses in no way represent what they are actually like and the area they are in. although home inspectors are usually pretty good at what they do and finding things with the house, your own eyes are a lot better, it would be worth the car trip or flight. i would rather spend the couple hundred dollars to view a potential property and lose that if i decide not to buy then buy a house site unseen only to possibly end up dumping thousands into it.

Place order for items*Material cost of this section: Seven Thousand Dollars. $7,000,-Phase 2: Roofing/Exterior Windows and doors. [5 days] Close up external side door between living room and kitchen, patch siding, patch wallReplace windows, replace front entry door, power wash house/deckRestoration of vinyl siding which includes power washing and replace any missing pieces of siding.

Then he left his windows open in a rainstorm, the place got flooded, my plank floors ruined and he claimed several thousand damages on his stuff.

I would also suggest that you read some books on rental property investment and management, but you don't need to pay thousands to a guru.

I don't know any of my tenants that has $1000 saved, much less four or five thousand.

I also was bringing in a couple thousand a month consulting.

I cringe when I see fixxer upper folks pour tens of thousands into interior finishes with a roof near failure.

Because, lets face it; most people are not making 100 plus offers a week, mailing out thousands of letters, driving targeted areas for dollars, or crawling through ditches, climbing fences or shaking palm trees to find these deals.

If you don't do it, it will hang over you and ruin the rest of you day.