To my understanding the banks don’t usually show the house and you’d have to buy it “as is” but how do you know when you have a gem on your hands or fools gold?

Listening to what you are saying on cap gains, using hypothetical #'s, if I bought the house for $90k and sold for $100k I would pay a 4% commission for the sale of $4k.

Hi all,We are ready to refi a rental home we bought and fixed up.

Now, a lot more are being bought by investors, and less REO's are hitting the market. 

I'm a cash buyer in that area ;)*** After looking at the house you bought in Beloit.

I have bought and sold over 900 properties for my own inventory and did Bigger Pockets Podcast #82.I've done vacant lots also, both scattered lots and land subdivision and development in 4 local counties.

Do you deduct/depreciate it the year bought even though you may not use it for a year or more?

They are still sitting on cash (or bought into the Gold hype) ...

I own a rental unit which I bought during the bubble. 9 years later it’s still worth less than what I owe.

LOL, I too bought that system but was not in the right mind set or place in my life to make it work at the time.