Sure your paper return numbers in the $60k area will look better, but the real life returns over time will often not match up because of dealing with that kind of tenant class over the years .

The biggest takeaway from this is everything is subjective & there are no exact results.

Hi Chihero,Don't forget the SEC requires the PPM to have a "Prior Performance in Raising Funds Table" and an "Operating Results of Prior Programs" table that all investors must be given.Also the SEC assumes Accredited Investors can handle losses if they occur and Sophisticated Investors can asses the risk for themselves.These opportunities are not open to the "General Public" for those reasons.

Worst case scenario you can still either give the house back, sell it, try to refinance it, or find hard money as a stopgap.Insurance:   Since the insurance has the original owners name on file, wouldn't any check that results from a claim be sent to them instead of you? 

Also, requiring a prospective tenant to fill out an on-line application before being contacted to make an appointment might cause a lot of people to just go to the next property in their search results list. 

just call around keep doing what your are doing and post your results back here.. 

I am new to the website, am looking forward to get to know other rental investors, get tips, and  be a part of the discussions.A lot of my Google search results would bring me to this site, on many topics, so I thought I would join!

Owner is probably overwhelmed with the inspection results.

Results may vary, but the most common thing to do is keep it in your personal name for 6-12 months and get a cash out re-fi through a regular bank.

Also, review the closing documents to ensure that the tenants' security deposit is credited to you and that it matches what is in the lease agreement.