For me, I do very large and complex renovations on high end homes and I do multiple projects at once so it is necessary for me to have a project manager while also performing the GC duties.There are many factors that go into each process and each individual situation will determine which you choose.

We have another house on Paseo Pinzon, Capo Beach (Dana Point), and there are multi million dollar homes on the bluffs which is 1 house away from us and across street (you can see map) There's also a celeb sports person that bought, and has friends looking at our property.

Depending on the yield you are looking for you might be able to buy performing notes that meet your need.Bob

"Excellence/performance is not a destination; it is a journey that never ends

The buyers really start drying up with a high MSI and you can end up sitting on even nice houses for a long time.If you are a buy and hold investor for rentals we usually save cash or do flips when the MSI is low and when it gets higher we start looking for prices to drop and that is the time to start picking up rental properties for the long term.I have looked at many different indicators, price change, sales volume, etc. but none of them really seem to correlate to performance for a property better than MSI. 

I want to primarily learn and become familiar with the process, the terminology - and the pitfalls.Please be patient with me and thank you all for being good sports and sharing a wealth of knowledge based on experience.Best RegardsSteve

If I bought it subject to, assuming he has a 5% loan, I could pay $80-$81K and still wholesale it for $5K.But I'm not in your market and my buyers don't buy where you are.As for his asking price, every time a seller tells me what they want, I think about what I want; and that is to wake up and find a brand new high end sports car sitting in the 5 car garage of my 5,000 sq/ft house with a large in-ground swimming pool (I don't really want any of that, but it is just to prove a point).

In California PM you will find individuals that prefer to perform the monthly duties of collecting rent, and some that prefer finding tenants, and some will complete both duties.  

The disadvantage is the Vendor may have week screening criteria, or was eager to fill the building before sale, and you may have a little house cleaning to perform in the first months.As for paying more, the short answer is, "No" - our offer is our offer.  

I was recently notified that $4500 is sitting in escrow and was never claimed by the contractor who performed the sewer lateral back in 2008.