Though the Level of "Pissed Off" hits another notch when it's a pissed off probate lead.

Then we hit a snag (as all mortgage proceedings do)...No lender is willing to credit us the rental income @ 75% because we don't have 30% equity in the property that we currently live in that we are going to rent out.

The reason it concerned him was that it would affect our own property values.So I ask you all, would you make a 70% offer on the house next door, despite the hit your own home value could take?

But, aha, there's a google hit for a Michael Rossi on BP, one with a landlord blog.

Unless you plan to upgrade, you will take a hit when you go to sell the property.

Since he is busy and inexperienced doing a build out from raw land seems to be a bit much, particularly in this economy, and with a little leverage could hit his goal with much less risk and time with a NNN property.

But, long story short, I found myself way over-leveraged when the recession hit and took a bath when the markets (I had three rentals in three states) tanked.

For each trip you can just click start when you leave, hit stop when you arrive and leave a little note with any pertinent information.

If you hit every point on that list .. or at least half of it, you will know a lot about your market.Good luck

And, BTW, if you do that I'd suggest you look to some professional loan servicers and contract with them to do the leg work for you.While there may be some good books out there that hit on how to negotiate a note purchase, how to find notes and what all can be accomplished with a note, much of it may be outdated.