Here's another other thing I'm finding - especially in the Memphis market - is property performance.

Some guys like sports, cars, legos... etc.

I have used this many times on under performing properties I purchased.Notice, I did not say more acceptable.

We still take an application fee and perform regular screening (credit/background/reference/employment checks) but our expectations are most will have little to no credit history.

I'm thinking like this: First the Micro: How are MY target areas performing in terms of economic indicators?

I've been told by some that if you buy something that's already performing at the maximum occupancy, you'll be paying top dollar and the only direction that your property value can really go is down if you mess up and end up losing tenants, since you don't have room to add value by increasing occupancy.

Once you get over that hurdle and get the properties performing better, you can learn the ropes, take over if you want to, and really fix the problem.

What if the property performs worse than when he owned it??

(D)That the Tenant/Buyer is hereby notified to obtain renter's insurance to cover loss on his/her personal belongings located in the "premises" or on the grounds where"premises" is situated.6)COVENANTS OF LANDLORD/SELLER: The landlord/seller hereby covenants and agrees as follows:(A)That the Tenant/Buyer shall peaceably and quietly hold, occupy, use and enjoy the property, without any let, hindrance or molestation by Landlord/Seller or any person associated therewith.7)BREACH BY TENANT/BUYER: If the buyer shall fail to keep and perform any of the covenants, agreements, or provisions of this Lease/Option, or if the Tenant/Buyer shall ever abandon or vacate the property, it shall be lawful for the Landlord/Seller to enter into saidproperty and again have, repossess, and enjoy the same as if the Lease/Option had not been made, and thereupon this Lease/Option and everything herein contained on the part of the Landlord/Seller, to be done and performed shall cease, determine and be utterly void, except as set forth in paragraph (8), below.

And "good" can be defined as academically good, or it can be a school with a great sports program that everyone wants their kid in.