NOT one who is so starving for work that they will lie and misrepresent a prospective house at the expense of creating a loyal, repeating customer.Contractors know that investors can be their best friend or their worst nightmare.

you never know where you going to strike gold, just keep prospecting.

If you search public records for prospective sellers, you can save the costs of getting lists.

A contract is important but what is equally important are things like; is the prospective tenant employed?

You may get by, let's say with a smaller rehab tab of 4K (as you could express to the "buyer prospect" that you just did 4k worth of rehab) and leave the other 4K "on the table", as a bargaining chip.Let's assume the house has an "after repaired appraisal value" of $75,000.Hold out for a buyer with at least 20% down or at least $15,000 (try to get a little more, like "if the buyer gives you $2000 more down, you will match the 2K and do the extra 4k in rehab work!

Thanks for all the feedbackI'm not necessarily tied to investing in the Phoenix market though, any prospectively healthy market will do - I'll be sure to take your advice and seek out those members!

I don't bother putting granite countertops in my lower middle-class rentals because the prospective tenants aren't going to pay extra for it.

I agree that the lot being free and clear you should get some money out and invest it or sell the land outright.That is a bunch of equity 300k you have doing nothing for you.So you want to give a 300k lot as value and buy a property no money down and if anything goes wrong they can take your 300k lot.No way would I do such a deal.It sounds like your market is speculation.I don't like BOOMS because they are followed by BUSTS especially when you have an enomally pushing the market up.You have to buy on the cash flow and not pay more on potential because if the potential is never realized or is less than projected you are in a world of hurt.I agree with Brian in that with an owner finance deal it still has to make sense.Yes you can pay a seller more but not too much more.The question is does the seller want all cash now or would they take a chance on you with no money down for the prospect of a higher return??

Sure, I do not "cash flow" as much as I could if I bought in other parts of town, but I purchased in an area I am comfortable in, feel good about the long-term prospects, and will be able to manage much more easily.

I live just outside of Cherry Hill, so have the opportunity to do alot of prospecting in Philly in addition to South and Central Jersey.