On 11/29/05 I entered contract purchase/sale contract for 84 properties fairly close to my area (about 100 miles away) My finance people will have no problem paying for the properties and making them mine to have and to hold.

Rent collection is normally a snap if you invoice, accept online & recurring debit payments, and communicate early and often.

I charged a $10,000 option fee to hold the price steady for 6 months in a wildly escalating market in DC, 2003, which was a fair option price.

For anyone who is interested, I have a fairly detailed piece on my website about understanding comps. and analyzing the data from them.

I was fortunate enough to find a REO deal after the divorce and shortly thereafter the market really took off where I live in FL so I have a fair amount of equity in the property even ater a home equity loan.

I have had some people say yes to this question and my recommendation is to walk away.For credit checks I use CreditRetriever.com I feel their prices are fair and the report is very easy to read.

Communicate!

I choose to look at the property first and determine fair offer for seller.

I then did the rehab myself, working nearly every day in January, including weekends to get the property ready to rent.I use the term rehab fairly loosely in this case, because the rehab consisted of interior paint throughout, new carpet, fixing some plaster walls, new appliances, some minor DIY plumbing and electrical, and basica cleaning.

If they call you first (say...after they get a letter or see a sign) then all is fair.