Keep us updated on the progress and any future deals

As far as depreciation, you would use your purchase price minus land (assessed separate) and then add in capital improvements.

Based on your assessment I'm not sure how to value the coverage needed because your idea leads to the thought that a person needs an infinite policy to be fully protected.

HOAs usually control what's going to happen...get the wrong board and a special assessment and your tiny monthly return can become a negative very quickly.

My current total payment is around $1800/month (including P&I of $857 plus tax, insurance and assessment).Quote I was given last month for 30yr at 4.25% (it's gone up slightly since then), total payment will be around $1750 (P&I drops to $822).

If they're operating really tight and a repair comes up you could be looking at a big special assessment that will wipe out any cash flow you may have.

Just got off the phone with @Brian Gibbons because I want to make certain that I CLOSE my 3 LEASE OPTION ASSIGNMENT DEALS and also AVOID ANY ISSUES WITH DODD FRANK, SELLER FINANCING LAWS, etc.This thread will document our progress.

I am just starting but I will post periodic updates with how things are progressing.

Gentrification is "the dirty word" I prefer to call it progress.

Call up one of those "cleanout" companies to assess the amount of junk there.