I picked up a copy of Sarah Palin's book the other day, but someone had already finished coloring it in, so I didn't bother...

Interesting Eddie...Can you shed any more light on how this works?

To get an HOA fee like that in my city your condo has to be close to or more than a million or be in a historical area where there is a ton of outside pait details, wooden storms, pools, cedar shake roofing, and 10 paint colors.

Anyway, in light of the points and caveats raised by everyone above, I think I'm really just interested in seeing a few examples of how small investors have gone about evaluating and comparing a handful of markets.

People would ask me how to get out of the lease, the lights sparked, wires hung down out of the ceiling sinks dripped with the tenant paying the water bill.

Jimmy, can you add some color on a few points regarding due diligence of this opportunity:* Why did the complex fail under prior ownership?

They will need to put money down that is not refundable. give them a small portion of credit from the rent toward the purchase price if they pay on time.5. the sales price should be the full 100kVery basic, lots of details left out, but it is a basic outline. just make sure low LTV, single family homes, and tenant buyers that have light at the end of the tunnel.

You can do 30 year amortization, but most want 3, 5, or 10 year balloons so there's a light at the end of the tunnel.Is your lender willing to allow the 2nd position mortgage?

It is expensive but is colored all the way through (keeps its color when chipped or scuffed), is completely water proof and will last for years and years.

Upgrades:-New roof-New carpet-New tile -New paint (interior / exterior)-New light fixtures-New ceiling fans-Master bath remodel-Granite counter tops (whole house)Lessons learned: Always change the locks on your rehab, on day #1.