Then you adapt and adjust :) In the end start and worse case scenario you wrap something up, have an "oh crap" moment as you find out it's infested with God knows what, or everything needs replacing, or all the fun unforeseeable stuff, and then back out and try again :) Mike

Maybe I'm overgeneralizing, but I sincerely think it is crap like this that makes people not trust whole sellers and the industry as a whole. 

@Jeff Filali  This is the kind of crap that makes people like me despise the entire wholesale/contract flipping enterprise - and especially the gurus who make money teaching this garbage.The homeowners were seriously abused throughout this and they suffered very real damage.As to the sellers doing more due diligence, sure. 

I am not going to be an @ss  but when I have to deal with crap, I need to get paid for it. 

Also, your cashflow is pretty much set for the life of the mortgage, actually rents always go up, unless the neighborhood goes to crap, so you know exactly what you are getting.You had a mortgage at a pretty good rate, now that you paid it off, when your 1.75% intro rate expires, you will need to try to refinance that money again.

Selecting section 8 tenants are no better than a crap shoot.

It's just full of crap (somewhat literally if you look at that bathroom picture) and cosmetically outdated.I stopped by the house on the way back from closing and was pleasantly surprised to see that he had actually removed a bunch of crap and that from what I could see, he was honest about the house being in great structural shape.I imagine we'll spend $3-5K on trash out (dumpsters and labor), and then resell it.  

I do have access to a 200k loan on top of the 15k cash but honestly LA seems to be crap in regards to buying a rental.

You might be hoping for the "cream of the crop" but might have to accept the "cream of the crap" :)

These annoy the crap out of me.