This saves you time for the really profitable aspects of real estate investing.While all bird dogs are not Realtors, Realtors have a huge advantage over non Realtor bird dogs, for obvious reasons: They have access to the local MLS, FLMS listings, they know the neighborhood, they know how long the homes are on the market, they know what buyers are looking for, they know what it will take to get it in resale condition, they have access to motivated buyers and sellers or can find them for you.Without motivated sellers you can't put together real estate deals.

Though the 50% rule is quite good and convenient, I would rather project possible rents and expenses under different economic conditions (say expenses range from 40-60% or the property appreciated/depreciated from -5 to +5%, so that I can have a handle on the range of possible values.You are correct in that cap rates are not relevant in finding the market value of a SFR.

If it is vacant and in good condition, I would start my marketing using the five day round robin auction method.

.$70K for $950/month rent sounds about right.If you're going to just turn around and resell it in the same condition as you bought it, you have to ask why someone would buy it from you when they could have bought it from the bank cheaper.

My lawyer (a friend) will set up my LLC, but it will cost over 1K to do so so I am looking for other options.My longterm girlfriend (12 yrs) and I are going to partner with her brother and sister in law in buying rentals.

He promised all the houses were in ready to to sold condition and TOTALLY rehab!

I am buying this property because of condition, strong rental area and most of all location.I would like for others to chime in given the criteria I have given.Bill

This really screwed me over and made me lose some money.However, in other states they notify the owners themselves andyou dont have to hire a lawyer to get intouch with the owner.I currently hold a couple of Arizona certificates but Im really getting discouraged with these online tax auctions

Still needs about $5K to get into rentable or sellable condition.

The list goes on and on and may include: landscaping, exterior lighting, mailbox, patio/deck, air conditioning (although it probably has it considering your area), etc.Also consider the quality of the home.