In NV HOA liens must be paid by the new owner.

Property price 22k condo turn key or very minor repairs.AnalysisLow side of rent 600/moP and I with 4400 down 95/moProperty Management 60/moVacancy 60/moMaintenance reserve 60/moTaxes 30/moHoa 135/mo(Hoa includes water, trash, sewer, insurance, exterior and roof maintenance.)Gross income 600 - expenses (including p/i) 440 = 160 Cash flowAnnual cash flow 1920 / initial investment 4400 = 43.6 Cash on Cash return.Some things I am concerned with is that the expense are above 50% of gross rents. 345/600.

She's willing to deed it away because of liability issues and because of an HOA lien that was recorded recently against her.If I bought a property at trustee's sale subject to a senior lien, it would be the same deal.

I noticed that while everyone was warning you about high taxes and how they eat through you cash-flow no mentioned for you to be equally careful of condos or anything that has a HOA attached to it.HOA fees can kill cash-flow with brutal results.Bottom line... make sure your purchase price will support the cash-flow you need given the high operational costs you are sure to experience.Best of luck!

You need to make sure the seller is not behind on property taxes,HOA dues,insurance,or mortgage payments.If the seller is current but just desperate you can get a third party escrow company to take your payment.The payment goes to the mortgage,insurance etc. first and any residual get's sent to the seller.

HOA's are $185, so monthly expenses are $435 on the high end.

Look into the 50% rule on long term expenses, it will help you get a more realistic idea of what your cash flow should be.You didn't mention HOA fees or taxes for either property.

Do you usually pay the taxes and HOA dues.

For clarity, yes, that is operating profit, after everything - maintenance, repairs, PM fees, HOA fees, PITI... everything.

Then it could not be close to the trains at all, no power lines, level back yard, certain school district, close to work, low traffic side of the roads, and also private wooded lot in a subdivision with HOA that backs up to the woods and not other houses.