We do this professionally out in FL but also do it out of some extra bedrooms in our primary just because it's so nice.

My thought process is to direct mail, geo-target, cold call, etc just like I would to uncover wholesale or flip opportunities.

Thank you Clint for explaining that so nicely.

So many variables and hidden costs, you will not know about until the uncover themselves, one by one.

“ oh but she’s so nice kInd and good and loves the place “ you can bet where there’s young ladies who run bars and Irresponsible, there’s going to be guys coming and going in that unit causing you grief .

I have no experience with this... just passing it along.A quick search of the boards will uncover a number of other posts asking the same question as well.

Jordan,There are single,double,and triple net leases.The ability to re-purpose the building fast and cheaply is key.Certain corporate tenants with the building design if they go out you have massive costs to get it to a rentable state for another tenant type.Case in point I know a Sonic building that has sat as a foreclosure for a year.To re-purpose it you would have to take out the drive thru stalls and the building itself is so small you can't do much with it.One key area I didn't see touched on is that YES with a TRUE triple net you do not pay for anything.With other single or doubles you might get a little more but pay for expenses so it's almost a wash in the end.The lease is guaranteed and you get mailbox money.The down side is these tenants have rents stay the same amount for long periods of time before any increases and when it does increase the rate is marginal.So when inflation kicks in year after year the returns are diminishing.If you are trying to protect your money they can be an excellent investment.Tell us more about your situation which will help.I like corner locations or right next to the corner as they hold value and are easier to re-purpose and re-rent.Even though the rent doesn't increase as much the land should be way more valuable in time unless the area dies off and growth migrates elsewhere.You can also assume loans at sometimes 90 ltv putting down just 10%.The reason is lenders see these loans as having little risk and low chance of default.I specialize in multi-family and also triple net so contact me with any questions you have.

I know that we need to look at obvious needs for repair, get both income and expense statements, copies of leases, etc. and that we should have a professional inspector to uncover any potential surprises, but before even all that, is there anything in particular that you are looking for that you consider immediate red flags when you assess your investment options?

Hopefully you can uncover the truth.

Like that Sonic commercial, I read the front and back of this thread.First thought, unrealistic expectations at 100K a month, with low valued SFDs you'd probably need to own them all.A bigger picture, specializing in low value properties have other issues that haven't been touched on, probably.Obviously the property isn't in the economic growth area, I doubt new homes are popping up across the street.What is rentable today in some acceptable neighborhood will usually in time become less desirable.