This helps us get a feel for demand before the property even becomes vacant.Then, we monitor activity and make adjustments. 

I would also end up taking a razor blade to my wrists within a few years.  

What would you look for to gather paper losses and a nice risk-adjusted yield?  

I have criteria on the types of properties I purchase, but again those can be adjusted based on the actual numbers of a property.

I already have my own plans but they will need some adjusting based on square footage and layout I would like.

You'd adjust depending on everything that needs to be replaced....brick or wood siding, central A/C vs window units and baseboard heat, carpet vs vinyl flooring, etc.  

Well, at least I will try.If you have an Xacto blade, that might help with the hard to get spots. 

Easy to adjust.  

Here is the #Original loan: $132,000.Original rate: 7.5% adjustable cap at 13 %.Monthly payment: $925Amount owned stsince default: $80,000Current Loan + default amount = $189,000Current status; in Foreclose, Bank said we can send in offer for short sale.Current Zillow est. property value: $140,000Est.

Don't start adjusting what you need/want to do or your exit plan to accommodate a seller that wants more than a property is worth.