However, the lease states that only members of TAR can use it.So yes, I'd recommend it unless non-members are not allowed to use it (like ours).

Hi Naveen...thanks for the reply.....You're right $200000 is non existent in our area so Im actually looking out of state...Going to Austin on January 30...I understand the trends are very similar to the Bay Area...lack of inventory,multiple offers so on...that doesn't scare me away ;0) For my dolling up and reselling goals I do have a larger budget so will look here in the SF Bay Area....Love your email....What ate your goals?

Great list @Ky Sharp If you are confident in your analysis and buying all cash the appraisal/bpo isn't necessary but an appraisal may help you negotiate if it comes in low.We like to have two or three mgt companies walk the property during due diligence and propose their mgt plan that includes a capex and/or repositioning budget.If the subject property and all properties nearby are the only things ever built on the land there you may not need a phase 1 environmental but if it's a large property and/or you're bringing in outside capital (lenders or equity partners/investors) having one demonstrates your thoroughness and professionalism even if one is not required.If there isn't a recent survey one it may be required but if one is not required getting a new one falls under the same considerations as above.We have gone to always having an engineer do the inspection even though it can be 2x what a non-engineer inspector may charge.

This is true unless the item needing updating is defective/non-functioning.

My concern here, are problems creeping up that are not in our soon to be scope of work.Should I instead ask for a non-refundable deposit, much less than $100,000 and then sign a contract that doesn't close until completion?

I've just grown skeptical of the Fannie process so I've moved on to non-Fannie deals.I believe the Fannie deals are going at a premium to account for the special financing terms (lower LTV ratios and ability to finance more properties than the usual Fannie limit).

How much do you typically charge as non-refundable deposit as well as monthly pet rent?

Hey BPers, I'm piggy-backing off of a thread I started in the Real Estate Marketing Forum: http://www.biggerpockets.com/forums/87/topics/113063-pre-foreclosure-foreclosure-leads-in-a-judicial-foreclosure-stateA quick summary for those not interested in reading that thread, foreclosure processes in judicial states are handled within the court system and as a result there are no public notices required like in non-judicial foreclosure states.

If your cards have your mission on them, all the better.Ex: "I'm looking for your non-performing notes" or "Certified Electrician: Looking for Multis to buy" etc

The first mortgage has the legal right to foreclose on the property for non-payment and the buyer will probably lose the purchase price and the rights to the property.