The cash flow from a few rental properties could give you financial security and a quality lifestyle so you can live where you want, do what you want, travel when you want, and eat out at restaurants when you want… versus a lifestyle where you are struggling to survive.

So, they want to have their cake and eat it, too.I would not touch it with a 10-foot pole, but that's just me1) I learned the hard way not to do business with friends and family.

He must spend most of his time eating cause that's not a big job, sounds like he wants to play general and make a few calls, you should do the same.

If you like the home, and you are willing to eat the $7K it might be a good deal for you and your wife.

But I'm not going do that, because it just eats up energy and time.So I finally came to my BP family to ask this Question?

The three year standard presumes all tenants live like animals, or that it is perfectly ok for a tenant to live like one.

Of course you'll gain value, but the cost of the granite will eat up all of your profits.

Just my opinion as I see it, my feeling is that if any reo is to be purchased and the bank selling won't allow hard costs with a profit of 20% to be made, let them eat the property or build in a longer holding cost in the purchase price.

I spent about $2300 but then I realized each day this thing sits, I'm eating $35/day (forgot I need to factor in my utilities during the vacancy).

Yes you can set a cap etc. on monthly water bill in some states and try collect the overage but many times they do not pay.Then you are left with eating the cost or evicting them over a small amount.