This is they key to the actual true cash flow Mike is pointing out, and a 6 cap, will most likely not get you there.

Our model sells cash flow turn-key homes to investors with a little to no money down program.

I can't wait to sign the papers, get the keys in my hand and go over and wash/paint the walls, do the minor repairs like add a railing to the basement, etc., If anyone else going through the process of buying a foreclosed home, hang in there.

This is the key point.

RE attorney in that stateRE agentTitle/Escrow companyProperty management + at least 1 back-upLenderHome InspectorCPAContractorHandymanInsurance agentAnother investor in the area (possibly), or mentorThis list includes most but possibly not all.The key is having the knowledge and experience to know what questions to ask during your interviews with these potential team members, the ability to properly negotiate contracts, and knowing how to handle or avoid some pitfalls (too many possible to list here)

The key point is that you can't allow the tenant's problems to become your problem.

Here are three key points I spell out in my leases: 1.)

Networking which many understand has been the key to my success.

In an article posted on BP:http://www.biggerpockets.com/articles/99-9-key-s-to-short-sale-successThe author says that the buyer needs to come up with CASH at closing.

LOCK AND KEY'Madoff had long kept the financial statements for his hedge fund business under "lock and key," according to prosecutors, and was "cryptic" about the firm.