I was just put in contact with a city owner park that is getting rid of all the homes.

@Jeremy Tillotson...you are right, he is not in a hurry to sale, but according to him he definitely wants to get rid of it .  

Granted, I still had to negotiate, close, rehab, lease, and everything in between, but all 4 deals came from the most basic phone calls, "Hey Jason, I know someone that's wanting to get rid of so-and-so property that you might be interested in."

It seems like a waste to get rid of it but at the same time, I don't see it adding to my ARV either.  

This "what if" step is a wonderful way to discover if your idea is not be well received or to be well received.Let's say for numbers sake we have $100,000 house, PITI is $900, market rent is $1000 dollars a month, they tried to sell it with an agent, been vacant for six months, credit is really important to them, they paid for it an empty house for six months, they don't want to continue paying for an empty house, and they need a solution fairly soon.Let's also say that they owe $95,000 on the house, and they know they have to pay to get rid of it.So my "what if" step in the scenario would be, "Mr.

Craigslist and Ebay are places people sometimes put programs they bought for cheap to get rid of.

Police departments have tried for years to get rid of this for residential due to false alarms.

You'll still have PMI, however after 5 years, as long as you arrive to 22% equity in the property, all you have to do is pay for an appraiser and the bank will drop the PMI.With the FHA loan, you can never get rid of the PMI.

Consulting a site civil engineer would be invaluable in this case.I'm not well-versed on pest removal, but once you have the wall opened up and have removed any damaged insulation and wood, an exterminator should be able to help get rid of the roaches and geckos if you're not sure about doing it yourself. 

If there's that big of a glut of inventory that 1 in 4 units in the city isn't rented, find some place else to invest.For rent to price ratios (seriously, get rid of CAP rates and all that crap, you're just giving yourself a headache)... 1% is about break even at today's interest rates (6% CoC w/ 4.5% for 30 years & 25% down)... 1.5% is about a 18% CoC return given a 25% down... 2% would be a 30% CoC.These are rough rules of thumb based on the 50% rule for expenses.