I inspect the properties myself on the initial walk through and then live with my decision.

I wanted to go lower initially but the Agent wavered....I think 68% is a decent conservative price....I don't want to pay 70% thoughHow much does anyone expect the San Luis Obispo County, CA Markets to sink?

You need to make sure that you have a certified rent roll to verify the income.

You can look it up and verify it.

Then follow through, firmly but fairly with ALL tenants.You will have to judge your credit requirements partly on your current market if it is REALLY bad, but typically I require 3X rent for gross household income; some sign of stable, verifiable employment (or significant savings); no recent, or more than 3 MINOR credit derogs.

However, it currently has a renter and the lease is good till early 2009; thus, that narrows down my prospective buyers to those looking for an investment rather than a home.I'm to the point where I would be happy to just sell to recoup my initial investment - I'll take a break-even point and all the lessons I've learned and be happy.

As a new investor, I have no experience or knowledge of rehab costs, so it would be tough for me, at least initially, to just approximate.

You do not have to buy initially.

They seem to have low initial cost and monthly fee, but maybe they really get you with the price per minute.

Any specific appliance or hvac stuff you look for in an initial viewing?