If you plan on holding the property for 5 years, and renting it, then yo should be fine, but it sounds like you are after a quick-flip, and that would be extremely difficult.If you buy, and then re-sell within 90 days, then almost no appraiser in CA is going to appraise the property for anything above the previous sale price, unless you can provide proof of funds that went toward repairs or improvements.

Also another good one is Dolf dee roos - real estate investors college.

Rents will only be able to be adjusted to what the going market rate is AND even more important, you will have to honor the previous owners lease with the tenants until it expires according to state law.

Howdy from College Station, TX.

If I got no additional rent, that leaves me about 18K out of pocket (in previous years it has been closer to 15k out of pocket not considering what is saves me on my taxes).

The nation's largest previous banking failure was Continental Illinois National Bank & Trust, which had $40 billion of assets when it collapsed in 1984.

Consider this...you contract a short sale...say you get an option to purchase...previous homeowner moves out..maybe they move on and go rent somewhere else..or take a job in another city.

My first year out of college, I bought a house for $20,000 and made the upstairs a separate apartment.

Now, I guess that really could happen, and mini storage would be converted to "apartments".

If they seem OK after I hear the story, I tell them send a letter firing the previous pro, then call me back and we will get into the project with them.