I deal with ONLY new-constuction homes in Houston, Tx.

Remember, renters are people, just treat them the way you would like to be treated.

Need to remember to be sure any multifamily is zoned for #of apartments in the property and that the lender willl loan money on multifamily.

Just remember, going out on a ranch is more expensive than going up with a second level; you must build a foundation to go out, but not up.

Ideally, you want to find something that is slightly below market value if possible.

Just remember to generate a legal property management agreement between you (the owner) and you (the LLC), as well as leases between you (the LLC) and your tenants.

I remember reading that a cruise ship was doing the same thing.

Good luck, be careful, and remember "if it seems to good to be true spend a little more time looking at it."

HOWDY YALLGarGus it sounds like the Austin area is making a good comeback or at least the start of one.I remember when I took my ABR over there everyone was dealing with contract wars and then the high tech crash came.BCS is still riding the wave and building is going on everywhere.Especially in the commercial arena.Land has gone up steadily which has escalated prices but this area is still undervalued compared to most of the places folks are coming from.It is common to see people buying with a good chunk left over from their out of state sales proceeds.Investors in rental properties are not as happy as they once were as the escalated prices are making it hard to get a good return without putting more in.The junker market has alot of inventory for those that rehab.Some Ive seen as low as 22000.The lots are usually good size.(10000 sq ft and bigger).Locations most of the time are iffy.High end rehabs are coming into the picture more now.Wealthy College kids live in and trash expensive homes that their folks buy and then wind up selling them cheap to cut their losses.Ilove this country.Well im off to NYC for 2 weeks of R&R with the family.Hope yall write a bunch of clean deals while I'm gone.Adios.Jennysh thanks for the website on your condo hotel its a beauty!

I've no idea how strict they are, sometimes companies advertise what they what they are ideally looking for, not what they would necessarily accept in an applicant.