Then there are the tenant files, maybe getting signatures on new leases, issuing new house rules and contact info, inspecting the interior of new properties, getting "on top" of tenant issues and property issues.

However, you have the right to inspect and repair your property.

One major problem is that unless you want to jump through hoops, you will be inspecting it with no utilities.

A follow up question: Is it a good idea to buy a REO without an inspection, especially for very important, not to mention expensive areas such as plumbing and electrical?

I always used a pretty detailed move-in and move-out inspection so I had a pretty good form.

Any inspections you want to conduct before committing yourself need to happen before the auction.

Typically, the buyer pays for the inspection.

I am not interested in the FHA 201k, as this place will not pass an FHA inspection, and I am not interested in them telling me I have to remove questionable paint, add stair railings, replace shaker siding shingles, blah blah blah.

So, this is the best deal I have found so far in my town. Granted, I am just beginning, so there will be better deals, but on paper it seems like it could work out. Here are the details:

4/1 SFH

Asking Price: $45,...

This time I was told that every house had to pass termite inspection if it wasn't tented 3 years ago.