Getting a good tenant reminds me of a term we use for buying high quality tools: "pay for quality and you only cry once; buy cheap and you'll cry a lot."  

Don't take it as Gospel, but it's nice to have a second opinion and they're usually pretty cheap.

Don't simply hire the cheap guy.Realtor - An exceptional real estate agent is fundamental in your investing career.

The things unsuccessful investors have done is buy wrong buy rushing and not really understanding how to buy and going cheap on the rehab.

Long term cheap financing is key, and today's rates are still pretty good.The vacation rental market can also be a great way to boost returns (1% is achievable), but you'll hiave higher costs since you'll be suplpying furniture, silverware, etc.I'm pretty heavily invested here and looking for out of state rentals as well, but the risk hasn't really justified the returns yet.

Mind you, property owners will receive hundreds of mail pieces from others offering to "help" many or most of which are crappy and look cheap.

Second, I can get a fairly good return if I get the property cheap enough (even if I have to put in 15K in rehab costs).

Impossible to generalize like this...Some are families that just want a safe home and neighborhood for their kids.Some are young and just starting out and want whatever they can afford.Some are young and just starting out and want a cheap place so they can move up/out to their own place.Then there was a recent story in the San Diego paper about people who are paying MASSIVE rent for luxury apts with fire pits, dog runs, on site gyms,  decks, grills etc.

That being said it is not cheap.

Banks use these engines to confirm eligibility for delivery to Fannie Mae using the underwriting guidelines outlined in the selling guide.