In order to evict you need to send proper timely notices.  

In episode 85 of Straight Up Chicago Investor podcasts, @Mark Ainley talks about how in the last few years you are required to not pull credit/background check until the initial screening is approved. He said he'd put...

Great ROI but only when done properly, but of course not as steady as multifamily homes.  

We've gone back and forth with too many agents that have brought us "great" applicants who were more concerned about getting their commission than screening properly. 

PossePresentation=BusinessLicenseSearchByLocRent&IconName=Contract_Mag.pngOtherwise, you may be looking at a protectional zoning board hearing and obtaining variance, certificate of occupancy and more documents to make it legal and have proper rental license.

  $125,000 - $40,000 = $85,000 less realtor fees to sell it, and will a lender finance it in it's present condition.Also, those pier and beams go out of wack all the time and maybe just adjusting them will fix it.Some of the older homes are jacked up with all kinds of automobile junk yard scissor jacks and Auto Zone bottle jacks, piles of rocks, stacks of 2 x 4's on grade, wooden shingles, tar shingles, etc... vs proper peirs.So maybe one of the renters (or one of their friends) crawled under there and removed the jacks to use on their car repair or sell at the pawn shop for beer money and now the floor bounces.Meaning get a 2nd opinion from a pier company (that's legit, has an office and a website, etc...) and have them confirm the ROT--if any.Because the floors do rot (sometimes) and also the piers go out of wack and sometimes also sometimes disappear into thin air--and no one knows what happened to them.Getting a 2nd opinion on if there is rot--with cell phone pics of it--would be smart--if none then adjust/replace the jacks.Good Luck!

Lead paint should not be a big deal, just encapsulate it properly.

Unfortunately, the internet has made every worker very well-informed in regards to the laws and the millions of dollars workers can get and all they need to say is they breathed in some asbestos, whether or not they really did.The proper thing to do is to get asbestos testing before you smash down plaster walls and get an asbestos clearance from the testing company.In California, the Air Quality Management District is a huge $50 million building with maybe a thousand workers and not one penny of the AQMD comes from a government agency.

I'm waiting on a reply back from Proper Insurance which specializes in STR but I have a feeling they're going to balk at a treehouse. 

@Jason Tefft Yes Ankeny is a great area, but the flip or BRRR deals I've seen there are 190-250K and purchased with cash so you have to have both the financing and be willing to pay a bit higher price point than other parts of the metro.Obviously, Ankeny is growing like crazy, but I'm just not sure the BRRRR or flipping model is best suited for Ankeny, you might find more success in Des Moines Proper areas unless you have a reason to buy in Ankeny, those deals will be VERY tight and very far and few between.Also regarding wholesalers, agree 100% I haven't seen a "good deal" from a wholesaler email in over 18 months and I'm the odd real estate agent that subscribes to ALL the wholesaler email lists :)