For anyone who is interested, I have a fairly detailed piece on my website about understanding comps. and analyzing the data from them.

Every house has a bunch of surprises!

I was fortunate enough to find a REO deal after the divorce and shortly thereafter the market really took off where I live in FL so I have a fair amount of equity in the property even ater a home equity loan.

I have had some people say yes to this question and my recommendation is to walk away.For credit checks I use CreditRetriever.com I feel their prices are fair and the report is very easy to read.

I will be looking to either do a 80/20 in subprime market or try to get FHA financing.I currently work in the mortgage industry for the past 3 years so I'm familiar with a bunch of programs and I was a processor for a brokerage that did a lot of subprime so getting a mortgage wouldn't really be my problem... the thing that scares me is having problems with the tenants in the Newburgh area since there has to be a reason the prices of these houses are so low...Thanks guys!!

Feel free to ask questions, and i have a bunch of books i can recommend to help you too!

This site is definitely a great resource for a TON of information and a bunch of knowledgeable people!

I choose to look at the property first and determine fair offer for seller.

Does that mean you put a bunch down in order to make the place cash flow over and above your note?

I then did the rehab myself, working nearly every day in January, including weekends to get the property ready to rent.I use the term rehab fairly loosely in this case, because the rehab consisted of interior paint throughout, new carpet, fixing some plaster walls, new appliances, some minor DIY plumbing and electrical, and basica cleaning.