Fannie and Freddie are obviously doing a terrible job of assessing risk for borrowers with their mounds of prescribed paperwork.

2) Also, I have had this problem with couple of the properties I had accepted offer on that the property was listed as 2-unit; however, the county or the city assessed it as a SFH.

It is now, having closed, a "recent comp,". . .at $60,900.

We take a distressed property, pay the mortgages, back taxes, assessments, negotiate with the lender, etc. and turn it into a retail sale (at a great price for the end buyer) that can close without all of the hassles of buying a short sale property!

Rich, try one listing and make your own assessment.

And if so, what is your assessment of it?

You can assess this against tax records.

Property Characteristics: Gross Area: 3,381 Parking Type: Construction: WOOD Living Area: 2,949 Garage Area: Heat Type: FURNACE Tot Adj Area: Garage Capacity: Exterior wall: FRAME Above Grade: 2,949 Parking Spaces: Porch Type: OPEN SLAB Total Rooms: 14 Basement Area: 432 Patio Type: Bedrooms: 8 Finish Bsmnt Area: Pool: Bath(F/H): 5 / Basement Type: UNFINISHED Air Cond: Year Built / Eff: 1902 / 1924 Roof Type: Style: RANCH Fireplace: / Foundation: CONCRETE Quality: AVERAGE # of Stories: 1.00 Roof Material: COMPOSITION SHINGLE Condition: AVERAGE Other Improvements: Site Information: Zoning: BE Acres: 0.28 County Use: MULTI-UNITS(4-8) (1230) Flood Zone: X Lot Area: 12,068 State Use: Flood Panel: 0801031189F Lot Width/Depth: x Site Influence: Flood Panel Date: 12/19/2006 Res/Comm Units: 5 / Sewer Type: PUBLIC SERVICE Land Use: MULTI FAMILY 10 UNITS LESS Water Type: PUBLIC Tax Information: Total Value: $196,500 Assessed Year: 2010 Property Tax: $1,196.91 Land Value: $47,000 Improved %: 76% Tax Area: 2218 Improvement Value: $149,500 Tax Year: 2009 Tax Exemption: Total Taxable Value: Depending on what strategy I use to acquire the property will decide my exit strategy as far as financing.

You are right, a 'decent' score we take for granted.It still has to be assessed subjectively, for instance my girlfriend is a resident alien, so she has 0 established credit in the US.

In particular, is that issue one that will so directly impact the landlord's cash flow such as high and continuing special assessments, stuborness over minimal cosmetic issues (lawns, landscaping)?