@Donald A Brownlee Jr.If it’s in bad shape $75k seems light for a renovation.

I read somewhere that a good IRR is somewhere between 18-20% so this being 33.60% already seems almost too good to be true..

@April Birdsong I’m certainly not a contractor or even a handyman but in the properties I’ve looked at it seems that even replacement windows need to be replaced about every 15 years.

While refinancing to get cash out as soon as possible seems like the way to go, getting the best financing over the long run is smarter. 

And since you are having to take the tenant to collections, this seems logical. 

It seems like a lot of people are looking at Detroit.

Hence it seems rather quiet in this thread.As an ON investor for over a decade I can tell you that tenant nightmares could be real, and yet a lot depends on how you screen and treat those tenants.

This seems to be somewhat of a STR correction. 

I'm going to start out with first position mortgage foreclosures (probably not the best idea to jump into a second position or HOA foreclosure until I fully understand the process), but even with the first position foreclosures, some of these deals seem too good to be true.

Furthermore, now even lavishly furnished apartments, thanks to Newsom, will be limited to being secured only with a SINGLE month of security deposit in CA which CANNOT be applied to 'normal wear and tear' of furniture either, so if the tenant in a furnished apartment never pays their last month of rent but wears and tears down all the furnishings, it seems landlord would still have to give back the 'security' deposit on move-out, not being able to apply the 'security' deposit to last month of rent in arrears NOR the worn and torn furnishings?!