You’d be shocked by how little actual screening many PMC’s do!

In Colorado, prior to HB22-1137 in 2022, we had a lot of problems with predatory and corrupt HOAs and their attorneys who actually foreclosed on hundreds of properties over what started as fines of less than $200.

I have taken a "loan" against the 401k rather than withdrawing money.

But if you do find an actual state chartered lender that will do a land loan please post it here I would be super interested to know who they are.I use Heritage out of Olympia. 

This material is often actually 2x4 in dimension so when working on a rehab make sure to pay attention to how your surfaces finish out due to the difference in actual thickness and depth.

It's a tempting path, chasing after that quick cash without stopping to consider if you're actually solving a real problem for the seller.

Those returns might be sexy, but doesn't mean the actual deal is.

I would say the biggest things to look at would be do you want replacement cost (amount needed to replace/fix at todays cost) or actual cash value (depreciated amount depending on age of roof, or item damaged).

@Glen Wiley actually in your case I am going down $100.My current rent is $2400 and they asking for $2200

Looks like you've got both set around 5-6% That's what I'd put for LTR rentals, but presumably you're getting 40-50% more in rent as an MTR than you are as an LTR, but the actual dollar amount of capX and maintenance aren't going up with an MTR v LTR, so I usually set that at 3%.