The thought of buying properties out of my market/state has crossed my mind, but after owning multiple rentals for a few years know I would not even consider it anymore.I've seen first hand how crappy property managers can totally destroy a home by selecting bad renters, and then not properly handling turnover, maintenance, etc....Then there's the issue of overpaying because you aren't familiar with the foreign market.

I may not get a deal right away and its possible I could send out a few hundred before getting a deal but that wont discourage me!!

From a GC's perspective a shoddy tradesmen can destroy a whole team.

A lot of the guys just happen to like doing it.If I only need a total of 110k for this setup, and the ARV is 250k, I wont have to make a loan for 175k to meet the 70% ARV right?

Either way it will generate more profit for our home in the future, since there is nothing in our market we want now and we are at a point in our current home where anymore work we do we wont see the return so it makes since to us to sell.So the seller has a contract with a realtor so they have to go through him.(2k he gets regardless of sale price, so a flat fee) We offered them a price that they accepted, verbally, and when we were talking to him he said that his realtor told him to have us come in a put a purchase offer in on paper so its official.I have a few questions id like to ask on what order we do things, or what thing we have to do for that matter.Should we be using our own lawyer or realtor to handle anything, on the buying side?

Hey Cliff,Tried to PM you but it wont let me.

They can destroy your property much more than a security deposit or pet deposit can cover.

Add another 10% for PM if you wont' do it and another 10% if you pay for water.

With 10% down you will incur PMI and with a credit score of high 500s, you definitely wont receive a good interest rate.

Wont get those terms from institutional guys, but after a few he's cashing out other stuff to go with me because he's safer and gets better returns lending to me than anything else he can do that passive.