So my experience is it all depends on the end game when I am looking at propertirs which changes the expectations on numbers I need to meet before making a move.

So the whole game is a bit different.  

to me, investing in $500 houses in Detroit is all about playing the LOOOONG game. you are buying dirt, hoping that something reemerges from the ashes.

hedge funds have been big in this game over the past years http://fortune.com/2013/05/01/the-lucrative-investment-trend-hedge-funds-dont-want-you-to-know-about/

I can't even get people to fulfill there written word enforced by a lease ;)

I'm having trouble finding an end game for this one and would hate to let another opportunity slip through my fingers as I have spoke with a lot of sellers but have not yet closed a deal.

My Dad is my Attorney and all I hear is horror stories about bad renters so I have tended to stay away from the rental game.  

I see you're interested in the long game.

chaz, I wouldn't even know what to bring, like I stated, I'm new to the game.

I am not sure a competent mortgagee in second position would sell off what looks like $25k in recovery (a little less perhaps by enforcing) for $1,500.