I think you made the smart choice...if the tenant has a problem coming up with the entire deposit, most likely they will have a problem coming up with your rent every month.Best of luck!

Your post made me look it up on google and apparently if I had bothered to research how to remove these before drilling holes around it and trying to remove it (with the end result looking like a bazooka shot through my wall), I would have saved myself much anguish, frustration and choice words for the previous owner - this link may help - http://www.ehow.com/how_5607858_remove-molly-bolts-wall.htmlI guess I will try and remove the rest of those stinking blinds this weekend now that I know how!

I would never take over a random vacant apartment although that seems to be a popular scam here in FL.

Basically, we had two choices left, go conventional or portfolio but we didn't have the money for the down for either (which was $17,000 @10% for portfolio and $34,000 for conventional).

That rehab could take 2 months or 2 years your choice.

I would say it is a poor choice for your first purchase.I recommend on of the following ways in:4 Cheap Ways into Housing0% Down:NACA (https://www.naca.com)VA Loan (http://benefits.va.gov/HOMELOANS/index.asp)3.5% DownFHA (http://portal.hud.gov/hudportal/HUD?

I've been reading some of the popular posts on BP about getting started in flipping, but I can't really find any posts that are tailored to young, 18-year-old high schoolers that many people are bound to not take seriously.

Just as important you may be asking for trouble from SEC regulators for that kind of solicitation.I have taken the luncheon approach to chat about private money.Keep in mind the guru who popularized the group luncheon approach got smacked down by SEC regulators.

So make sure you talk to your lender and see how much PMI will be.But if you can make the deal work with accounting for PMI then by all means go for it, buying an owner occupied 4-plex seems to be a popular strategy for getting into REI

Two poor choices for tenants, a cop who threatens to put you through hell or a minster who sends you there!