Hey Scott, I don't specifically know the Seattle market but will assume like most metro areas it will be similar to where I live in San Diego.Most major metros like that you will not be able to effectively cash flow.

I suggest a good Real Estate CPA with cost segregation and the like you should get tactics to minimize taxes.A buddy put together a list of important tax changes for 2013 below.Paul

As you can imagine, that means I have very little overhead and am therefore free to invest a significant majority of my earned income.

I do agree with the upsell, that is a dirty tactic meant to trick people.

I have good credit (but have a few loans) and I have the construction background to complete the majority of the fix up myself (the sweat equity).

I am willing to wager an investor jumped into the project with private or hard money based on a very specific scope of work, and stumbled across a major issue with the septic tank or some other fundamental system.

For hazardous waste removal and other junk fees.My rule of thumb these days is to allow -20% profit on a major systems job (roofing, AC replacement)-$2-$2.25 per sq ft of fooring (Tile Hardwood)-$175per day/$25 hour/ per man for painting and handyman workI guess if a plumber can get $500 an hour then more power to him, but hes not getting that from me.And I can relate to your plumber story.

Check are they really a student and do they have a major that is going to take some time out of their life to study.

Him getting the mortgage is not just an "only" that's pretty major.4)You couldn't "re"finance if you weren't on the loan.

Keep the eviction process going and advise them that your attorney will charge them civilly, and potential criminally for writing a fraudulent check is a major crime.