Louis is very block-by-block so you will need to be very careful when evaluating deals in the area.

@Phillip Davis be careful of the repair number, I would use the breakdown on there to see where those cost come in and what will need to be fixed.

In our area they care I got caught between the new rules and it cost me a 19k fine plus the clean up of another 20k on a house that if I demo it a year before would have cost 10k or so total.. ..

In our area, 3% deposit will immediately go to Escrow, preapproval from local major lender is carefully contacted with verbal confirmation that the buyer stands out. 

As the settlement statement current is, I am withholding $5K as a security deposit until the seller vacates in 30-60 days with a post-closing occupancy agreement, before I knew of the problem tenant contesting a pretty clear-cut eviction process for non-payment. 

And on that note, working with a realtor - pros/cons (aside from commission cutting into profits). 2) I would love to meet with an experienced contractor about rehabs.

Not sure why it cut me off, but here’s the full post:So I’m a relatively new landlord, and I have a property with a basement I consider to be somewhat hazardous (more like a really large crawl space).

@Carol Kotchek, There's a couple different questions and answers in your scenario that keep it from being cut and dried.1.

For the next property, take care of this one, and down the line you can possibly look to refinance (if the numbers work) so you can have capital for the second deal. 

Now as we have learned more, and have been educating ourselves more, we understand that having a fantastic and rock solid lease behind you is crucial as a landlord, but what we have now just does not cut it.