Check the filters and see that they are promptly replaced if dirty and tenants are notified they are not maintaining the equipment properly.

I have read Ron LeGrands books and he uses 70% as well...just not real sure why...Also, is it safe to say that someone could sell their house for 70% below MV?

I kinda have done a rehab, me and my ex-wife bought her parents house, for well below market.

Cut the stack off several feet above the highest drain and replace everything below.

Being somewhat of a newbie, I'm taking full advantage of asking some embarrassing questions... just like the one below.

I've read a lot of posts on this board from people who were really worried about the high capital gains tax (it's only 15%, could be lower-and I realize you'll have some CA tax on top of that), only to realize that their GAIN was all that was taxed.

So, if it isn't a good time for a beginner to get in, it's not because the people with ongoing projects are performing below par.

The average person is way below average.2.

that may be true.but as an INVESTOR, what you're looking for is these same houses (maybe a bit more beaten up) that have lazy, absent, distressed owners - now you're talking a real reduction in price (and possibly value) of say 25 to 40k...now we're at 60kyou increase the value by making the improvements the former owner could/would not and selling it at a price below the others - say for this example comp'd houses list at 95k - you're selling for 89k for a 20k profit!

People are now taking notice that if the property is selling below tax assessed value, that is considered a good buy or at least they think so.