Also created savings accounts fir each property to keep expenses reserve separate from one master checking.

If not, we have enough in cash reserves to carry it for 5-years. 

I realize that including the commission may be counter-intuitive financially since I'll now have to pay income tax on that amount, but it does allow me to get some instant cash that I can use to hold in reserves, perform repairs, or start paying down the HELOC I used for the down payment. 

Just remember to set aside reserve for taxes.

It was basically a turn key property but putting that much down drained my cash reserves and I had to wait to reload before my next purchase.

Some rental owners have active maintenance programs and actually have reserves or means to replace worn out roofs, driveways, windows, hvac, plumbing, etc some not so much..Without going in to too much detail, does it look on first glance like they milked the property and are looking to pass all the deferred maintenance and major replacement costs on the next owner?

You better have reserves and be in a position to take out any participant regardless of your agreements.

Other misc maintenance I can do myself.I'm counting putting 10% net income into a reserve account ($1,500/year) 2012 property taxes: $1,370.82Total cash outlay: $16,225 + $3,000 = $19,22515 year mortgage at 4.5%Estimate closing costs $3,000 Total Monthly Payment: $561.60 (including taxes & insurance) Last Sale date: October, 1996: $61,900County Value Details Improvement Value Appraised $49,400 taxable $17,290 Land Value Appraised $12,300 taxable $4,310 Total Value Appraised $61700 taxable $21,600 My Thoughts I am assuming a 94% occupancy rate of both units.Rents are average for the area.

It is not yet clear how many will be partaking in the class action, my view is still reserved on this issue and would welcome any advice from more experienced members We are trying to co-ordinate activity from this side of the pond and as a start point would welcome the kind offer of help from Scott Allan and anyone else who can point us to the appropriate DOJ department dealing with the existing instances of what is quite clearly a fraudulent activity on a massive scale.

$25k allows you to have some awesome reserves as well as leverage, but I would recommend starting out by wholesaling at first.