But I was only 28 years old at the time, it was 40 years ago, and how would a kid with a $30K salary explain several hundred thousand in cash laying around.

I “won” meaning the accepted my bid but waiting on the signed contract.

I like to go a bit on the high side as a built-in filter for tenant quality.As a SoCal investor, it was a bit different to wait a whole month to rent it out (properties rent out with less than a weekend vacancy here), but the numbers still made sense. 

Frankly in order to avoid any potential litigation, and if you aren't concerned with a potential return post the 60 days, I'd wait until all their stuff is out.

Every city has its own way of doing it so yes I have evicted people but my experience can't help you or your client there other than to say that you should follow every letter to the t and don't be too stringent on the waiting periods.

I'm a big fan of Ray Kurzweil myself, and I think air taxis would be disruptive enough that we can't really see around that corner; certainly not well enough to invest that amount of money in one of thousands of possible outcomes.

This also gives you a chance to see what needs to be changed right away or could wait.

Cash FlowThese are actually Paul Morris' main guidelines from "Wealth Can't Wait".

I had a chance to look at the house before it even became foreclosed - extensive updating is needed, and there's a problem with septic, disclosed by the owners at the time.Of course, the problem with sitting and waiting for 2nd reduction is that it might get much more attractive to everyone else, including investors.

My 9 to 5 job is sales and I have grown increasingly frustrated with the prospect that I am making millions of dollars for somebody else when I could be putting the same effort into my own business thus,  have recently decided to go all in with real estate investing.I have a decent understanding of the process but I am stuck in the analysis phase of how to generate leads for a few hundred to a thousand dollars.