I guess I would have to patch up the HWF and install all the ductwork in the basement.

OK lay it on me everyone.I'm looking at purchasing a few baby notes in Florida - non-performing firsts.I've purchased many in the Nashville area and all over the state of Tennessee.

Getting a lease gives you possession under a leasehold interest.Work with motivated and agreeable owners, you won't have issues with them performing. :)

I have not done a house since that hasn't been ten times easier.You will never appreciate how nice it is to be able to cut drywall back, move some plumbing and then patch it, till your forced to remove walls just to move a sink.Hope you enjoyed, good luck.Sam

The simple example would be working with a performing loan and working with a non-performing loan.

For me, I do very large and complex renovations on high end homes and I do multiple projects at once so it is necessary for me to have a project manager while also performing the GC duties.There are many factors that go into each process and each individual situation will determine which you choose.

Depending on the yield you are looking for you might be able to buy performing notes that meet your need.Bob

"Excellence/performance is not a destination; it is a journey that never ends

The buyers really start drying up with a high MSI and you can end up sitting on even nice houses for a long time.If you are a buy and hold investor for rentals we usually save cash or do flips when the MSI is low and when it gets higher we start looking for prices to drop and that is the time to start picking up rental properties for the long term.I have looked at many different indicators, price change, sales volume, etc. but none of them really seem to correlate to performance for a property better than MSI. 

In California PM you will find individuals that prefer to perform the monthly duties of collecting rent, and some that prefer finding tenants, and some will complete both duties.