If you have already saved 100K then you are light years ahead of most.

At this point I would just move ahead.

While at the pool we noticed a lot more foreigners than years past.

When a prospective tenant calls you can chat for a few minutes to determine if it is a good fit for you and them.Once you describe the property, the rent & deposit requirements and any qualifications that need to be met (credit, pets, lease term) be sure and ask if all this meets their needs (and yours).If yes, absolutely give them the full address so they can drive by or go ahead and schedule an appointment to show it.If they say it doesn't meet their needs then no need for them to have the address.Be sure you have their phone number and call to confirm before you head out.I have had success with Craigs List, sign drive bys, newspaper, MLS.Communication is the key!

I live in south Florida and would like to build a portfolio of rentals down here before venturing out of state so I can have experience with the business before trying to do it absentee.While trying to tweak the 50% rule for my area (taxes and insurance are higher) I noticed how hard it will be to meet.

My first question to you would be whether you put together this pro-forma yourself (based on actual numbers and experience) or if you just listened to the current owners description of the expenses.All that said, it may still be a great deal, just make sure you do your due diligence before pushing ahead...

No need to go through the eviction process, just give them their 30 day notice to vacate.Do everything in writing so you have what you need to back it up if for some reason it ends up in court.

So I have noticed that this forum does not have a lot of developers in it.

Give them their notice, use their deposit to get the problems fixed right, and start over with a new tenant.Alternatively, ask for an additional deposit to deal with the extra damage.

Judson just interviewed a student last week that had attended the course and he told how he had put the information to work and is really charging ahead with deals and working with the local governments to get backing from them.