This is the "burned out landlord" approach where you can pick up several properties at a time... or perhaps their whole portfolio at a discount, and they are likely to understand what you are looking to do so there is less to educate the sellers on.Hope this helps... good luck!

Especially the final approval for transferring is going to take almost a whole month as she’d told me.

Does anyone know if the banks consider the whole report and would notice that there are no other blemishes?

Also you can probably download the whole statute yourself and read it.

I heard an example from one of the Webinars that said, they bought the house for $250,000 and whole saled it for $130,000 to make $50,000 or something like that.

Blogs and forums make it sound like every top producing loan officer was getting a little something something, but when it comes to investigations, there has not been a whole lot of evidence that this is happening.I find it pretty much impossible to point to evidence of kick-backs unless somebody is whistle blowing, because where would these payments be reflected in any of the loan docs at closing?

So, after replacing some carpet, painting the whole place, and some other minor improvents, here's where I'm at.Expenses $9600 (including everything but mortgage)Income $17300Expenses=55% of gross rentsDuplex 2I've owned for 8 years, and it was 3 years old at the time of purchase and needed nothing but a little touch up painting at the time.Expenses $31200 (including everything but mortgage)Income $104200Expenses=30% of gross rentsTotal expenses between the two = 34% I do expect this number to go up a as the property that is now 11 years old starts to need more repairs.

Then work backwards and find out what you have to do to achieve that goal.

Don't get me wrong, I have to communicate with my tenants, have my plumber stop by occasionally, but as a whole the property is in great condition and doesn't bring me headaches.I want to purchase another double in the area but be a bit more firm in getting a property for the price that has a better cash flow.....now I just need to find out where to come up with a 20% down payment!!

I wanted to how does the whole process work from bidding to winning a bid and the paperwork thereafter. please post your experiences.