(granite, new fixtures, new cabinet doors, new wood/carpet, new paint, new toilets, landscaping, seal/spray the tub, new lighting, new doors, etc).

The current cash flow is about $100/month ($50/door).

I may have a investor who actually bought the same sellers property right next door.

I know when it comes to banks it isn't so much the name on the door, as the people that are inside the doors that make a big difference.

Since we've only 3 bedroom units, it's hard to compare, but what I like about them is more $s per door.

At the end of the day the lease ties your hands up way more than it ties theirs up.3 months in and they're calling you, bugging you everyday cause a door knob needs tightening or a lightbulb went out, you're pretty much stuck with them. 3 months in and they find a cheaper place closer to their job they can up and leave and there's not much you can do about it.If you start off month to month you can always have them sign a 12month if you think they're good tenants.

I have been reading the Bigger Pockets Forum for a few days straight and have found that the best way for me to get my "foot in the door" with REO's is to start doing BPO's.

And I live in Northern Texas, so can't help you with that either, however, I always recommend working with an agent verses a company that finds investment properties just because an agent may work on commission, but they are looking with you in mind, a company is looking to move their own properties, or properties that they have some sort of connection with and you may be passing by a great opportunity next door, but would never know it unless you had a person looking at the whole picture and not just their interest.

All the actual cash-out-the-door type expenses like interest, insurance, property taxes, maintenance, paint and carpet affect both taxable income and cash flow.

But the kicker is that they trashed the apartment, broke into the man's basement storage where he stored a lot of medical equipment, and left the door unlocked and open.