This includes $230K propeerty coverage, $10K personal property (coverage B), $300K business liability (incident)/$600K in annual aggregate (Coverage L), $600K in Premises Medical Payments (Coverage M), $1K loss of rents, and a ~1% deductible at $2K.I have a slew of questions!

If nobody wants to buy the lot, you're out the $900, you'll be paying annual taxes, you'll be paying for upkeep (lawn maintenance, debris removal), etc.Each year that passes, your investment will grow, and you'll need to sell for more and more just to get out of the hole.Not saying it's a not a good deal, but don't assume it is just because it's free...

You definitely will want to call the landlords of the past places they rented to make sure they have taken care of the property well.I would also have a trustworthy maintenance person that will occasionally check on the properties (drive-by sort of thing) and that is available for the tenant to call if there is a problem.Direct rent deposit is a good way to almost guarantee on-time rent payments.

I am not handy but willing to deal with routine maintenance if needed.

Repairs and maintenance done piecemeal (and often at "afterhours" overtime rates), and especially low quality repairs that you end up Re-doing in a year, will break you.Or, you take into consideration that when it was new, the property had a design life of 40-50 years, and now, most of that life is used up.

Even better, I only needed $75k of my own cash to do this deal and as such, made a ROI of 46.6% in 2 months which is an annual return on MY cash of 280%!!!

The issue with a condo is you rarely pay to inspect the common areas so really have no easy way to tell if deferred maintenance is building up.

Banks will pay for other services but those also can be handled by licensed agents (BPO, clean out scheduling, coordinating maintenance and some evictions).Unless you want to buy a large portfolio and have a large bank balance to demonstrate Proof Of Funds (POF) assume that most deals will be through a local RE agent.

You are missing some expenses like maintenance, administrative costs, etc.

Using multiple lenders multiplies your opportunity to do more than two transactions per year, even as a non-seasoned real estate investor.Benefits for Credit Partner: Investment fully secured by reserves up to 6 months.Our unique and successful system creates a market niche even in our competitive market.There is no management cost and we pay 100% of all maintenance and repair cost.No foreclosure Equity build up allows us to market property to be sold at a rapid pace.Great income opportunity: Profit within 5-30 days, depending on partner’s participation.