The new house would have in-floor heat and a piggy backed combi-coil for potable water....a very efficient system. cabinets are all straight with no bends so counter tops are dead simple and cheap.

A lot of guys pay only a few hundred per transaction to cover E&O insurance and then a monthly fee.

If the area is good the other items can be fixed.If the area is bad it doesn't matter what you do.You could make it the nicest building in a bad area and the tenant calls you get from the pictures once they see the area and other buildings they won't rent from you.Then you are left with the type of tenants living there now.Also is to check on how big of a loan balance is on this property.This landlord might have tons of deferred costs because the debt service is taking all of the cash flow.They can't evict the current tenants because they have no money to rehab the units.You also need to know the eviction process for the area.Even if you get a writ the marshals office could have hundreds to serve that month and a 4 day process takes 6 weeks for them to come out.Even if you account for lost rent when buying to evict these tenants you will not know what kind of damage they will do before you get them out.John do not believe the seller or the brokers agent.This might be a deal but only at the right price.The seller cannot command a premium and dump of problems at the same time (unless the buyer is a sucker or a first time purchaser which sadly sellers hope for).

I’m sure something like this happens all the time.But looking at my numbers, I should be able to sock away a few hundred per month but the main goal is to get some experience from her since she’s been doing this for more than 20 years.So, my question is, if anyone would like to chime in and throw some scenarios out there I’d be happy to listen.

This can be a very lucrative strategy, especially if you can find deals where there is enough equity for you to make a profit while still passing on a good deal to your buyers/landlords.Check out posts by Chris Clothier here on BP...he runs a VERY LARGE company that follows this business model hundreds of times per year.

Based on conservative numbers I could live in one bedroom and rent out the other three to friends while I'm still in school and not only cover my payments and other expenses but cash flow several hundred a month.

I personally think the under cabinet lighting would give the kitchen an awesome look, but I prefer the shorter cabinet above the sink.

A much better idea: Go make friends with a good contractor who knows investing and offer him several hundred bucks to come out and give you a full, written estimate to bring the house to the level you need it for your exit strategy.Do this many times over and eventually you'll get the hang of estimates.EVEN AMONG CONTRACTORS...

Other than your own research, anyone starting with tax certificates/deeds should spend a couple hundred dollars for a sit down with an attorney knowledgable about about tax sales.

Over the past decade I’ve helped hundreds of people (in both residential and lease transactions).