All in all though, think we raked in a solid deal.Please review my numbers and let me know how I did.Purchase price: $92,900 (all cash)Closing costs: $1,800 (inspection, survey, etc)Renovation costs: $22,000Holding costs: $1500 (utilities/taxes/insurance)ARV: $160,000Closing costs: $8000 (realtor commissions)Net Profit: $33,800!

Have you seen it and inspected how much work needs done?

They call that a Tuesday down in Los Angeles :)Well, maybe change house to apartment and you would be getting closer.

The problem is that there is so much overgrowth that it is impossible to get close enough to do an inspection.

Our original close date was 2 1/2 weeks ago and we do not seem any closer to closing than when we started.

Preapprovals also let your agent see if there is a chance of them making money for spending time with you.As long as the contract is written with the contingency clause like funding and the inspection you have exits from it.

Here are my questions:I've already met the tenant--when I do a property inspection, I like to be physically present in order to learn about the inspector (if they're new), what to look for, and to inspect the tenants/get a list of "issues" from them.

That, and the they do all the endless paperwork, help with scheduling inspections and appraisals and keep everything moving between buyer, seller, escrow and lender.I have had great success with flat fee listings, but I know how to do the paperwork.

Also, the yearly inspections can drive you nuts as they change inspectors and each inspector has little nit picky preferences, and they stop paying your rent if you don't comply within their time frame, in my case it's a month after the inspection, and they don't care even if your repairman had to reschedule or wait for a part to come in.

Funny how the tenant that "always pays early" tells you last landlord was great because he worked with her a few days here and there.or"I didn't say anything during teh inspection but the sink squirts water when the dishwasher is running, most goes in the sink, but some under and here is the vinyl that the prior landlord put over the water damage.But all in all everything in great condition minor repairs necessary and a good group of long term tenants.Thanks for all the advice.