I would say you need to plan for the following to happen to you during the next 15 years:- May need to drop rent by $200/month for a while due to market conditions- May have 2-3 months of lost rent due to vacancy and/or eviction- Broken garage door opener, hot water tank, furnace, or appliance requiring a repair man and possible replacement- Need to replace carpets or re-paint the entire unit and it's not covered completely by damage deposits.- HOA fees and taxes continue to go up every year but may not be possible to increase the rents due to market forces.If you have a good W2 job and you can hang on for 15 years and cover these situations I would actually say you should keep the place!    

Let me clarify, I am a wholesaler and an investor called me saying he has properties he bought at auction, put a deposit, and now wants to sell.

Do you have a deposit from the tenant ?

The Law and Prepaid RentFlorida Statutes require that advance rent be kept in the same account in which the security deposit is held.

If your offer is accepted and then upon house inspection, you find a problem with the structure you can walk away.The broker I am working with says in Texas you give the seller a small deposit, no contingency's in the offer.

PM has already excepted a deposit on a tenant.I'm excited to get started and also to continue meeting you all here on NO.Sorry no picture yet.

Make a bid, upon acceptance you have a very limited time to completely fill out all paperwork and return along with a deposit.

From other postings, it seems that using a Home (or other) Line of Credit is an extremely popular way of coming up with the deposit needed to keep investing.

You can explore it more.I don't use the full service, mostly the ACH collections, which works really well for me as it splits out each building with it's own accounts, including separate security deposit accounts.Bottom line, I do recommend it and it costs me around $2.70 per month per apt considering that I have 25.Hope this helps.Llew

This is what we look for regarding credit history.FINANCIAL/CREDIT HISTORY1.No outstanding debt to previous rental property owners.2.No outstanding debt to utility companies.3.No outstanding debt in excess of $1000 that is not in a payment plan.4.No excessive monthly financial obligations - more than 20% of income.5.Lack of credit history or marginal credit history may result in additional security deposit. 6.Derogatory credit (past due accounts, collections, charge off accounts, tax liens, judgements in excess of $1000 and/or bankruptcy) may result in additional security deposit or denial.