From my drive-by it looks like the "worst property on a good block"; not in disrepair just a little unkept; ugly mailboxes, dirty siding; leaves not picked up; no sign, very little landscaping.According to local banks, cap rates on deals are 8.5% on the low side to 10.5% in the mid-high side.What would you guys offer?

So we would be have a monthly interest only payment of $1868.75 at 7.5%.Leaving a reserve of $131.25 to save for repairs and what not.

Sounds like you have a freak for management on your hands...Some landlords and property owners think and feel they have to run the lives of their tenants… I am more of a "I will leave you alone, if you leave me alone" type of manager.

Doesn't leave much margin against the inevitable issues that crop up, though, so I think I'd tend to stay at a lower purchase price.You do get free living space for a year.You want to avoid it becoming "your house" and letting your own tastes have too much influence over what you do.A risk is that the market may be very different a year from now than it is now.

I think you are asking for trouble if you leave it to your tenants, but then it is only an opinion.

At the end I didn't even care about the money anymore, it was a matter of him leaving or me committing a major crime, so I'm glad he left before things escalated.

And what made you leave Southern-California?

Banks don’t like to sell to “Investors’ in general, because they feel they are leaving money on the table.

Hello fellow rehabbers, If you have been rehabbing for a while, I am sure you have ran into a situation like this one...You buy a house and the seller says he will “clean things up” and then a few days before closing he says that there are “some things he couldn’t quite get to”… and that they “may need to leave some items behind”...Our record to date is 12,000 pounds of “Stuff” (being polite) being left behind… Check out this You Tube video… They left a “little” stuff that they “couldn’t quite get to”… http://buildingmyrealestateempire.com/2007/09/20/rehab-project-seller-left-these-items-behind/Have you ever broken my record of 12,000 pounds of “stuff”?

I'd like to expose my situation and get comments from you people on how I should go about this, in the most profitable way possible of course :P Here's the deal: I purchased a duplex a year ago wich is now a triplex (i made a small appartment with the basement) The mortgage left on it is 150 000$, resale value right now is an easy 425 000$ where I live, wich leaves me with a nice 275 000$ in equity.