The previous tenants moved out 1.5 months ago and left it very clean.

And then there's the quality of the wanna-be-renters.

There are plenty of REO's out here but the quality is so bad you couldn't give them a way for free especially if they are wood frame.

I could atleast fly to Chicago and clean out the unit so that it is presentable to the prospective tenants.

Kiran - We took crappy code and transformed it into quality code.

Remember as an investor it is not the VOLUME and size of the deals you put together because many can be crap it is the QUALITY of the deals you do.I would rather spend a few months doing an awesome acquisition than buying up marginal to okay deals left and right.I have seen this happen on flips and long term holds.In both cases the investor did real well on one property and then started getting carried away.Pretty soon a couple of marginal deals starting to tank their long term portfolio into a neutral or negative position.Even on flips they made good on a few and then the next few went real bad and they were almost at square one again.You have to treat this business like a pawn shop.You will come across many sellers but few will accept your price and terms.So you have to keep going or come back to the seller until they get desperate enough to meet your terms.A classic tactic with a seller is when they will not accept your price and terms.Then a few months pass and they come back to you.Then if you have a couple deals on your plate you come from a position of power.You let them know you are involved with other projects now and to take this property on now you couldn't pay what you offered before and can now only do XX.There will always be another quality deal to be had but millions of marginal to okay deals to get stuck in for years and paralyze the growth and success of your real estate investment portfolio.

Better quality properties attract better quality tenants and your vacancy rate drops.

Came across this ad while looking for rent comps: http://baltimore.craigslist.org/apa/2588121845.htmlRenting a place to the first starnger, then evicting, not wanting to clean/fix/paint/replace carpet; Then renting the dump and then evicting, not fixing/cleaning/paintin; Renting as-is, evicting......

All liens, claims, etc are paid off and/or protected against, so basically you're getting a house with a perfectly clean title and no liability issues (there is always some risk, but no more with an REO than any other property you might purchase).- Generally, REOs are going to need more renovation than a house you purchase from a retail seller.

My thinking is that if we make the same disclosures to the non-accredited investors as we would with them investing directly in the fund and we keep the quality to fewer than 35 we should be okay.