Here are some steps to get started.Step 1) Develop your Business Model (Who is your ideal seller, buyer, neighborhoods, etc)Step 2) Build a Team (Leverage their experience, Realtor, Attorney, Contractors, Surveyor, Home Inspector, Environmental Contractor, Architect, Structural Engineer, Stage, Photographer, Title Company, etc)Step 3) Understand your market like the back of your hand (Have a Realtor set you up on HOT SHEETS so you get automatic listings sent to your inbox and you can start getting a pulse on the market)Step 3) Find a Deal (Package the deal and show supporting evidence that it's a good deal, get an appraisal if you have to) Include the following: Company Bio w/ your team members on it, Property Details, Property Tax Card, Scope of Work, Pictures/Video, Comparables, Financial Analysis, Due Diligence Items, and Contact Information.Step 4) Find Private Lender Prospects- Sphere of influence, networking events, ask for referrals, ask CPA, ask attorney, etc.

It is a 0% interest loan that will do things like de-leading, windows, roofs, and other items to bring low income families housing up to snuff.Some towns seem to have a 15 year forgiveness clause built in.

Other issues include breaking the shower head, locking herself out twice in one week, leaving personal items in the hallway, leaving personal items outside with the trash and getting upset when they are taken out with the trash, moving a cat in when it is prohibited on the lease (the cat is gone now), and using the oven for heat  (with the windows open).In the past I have refused to renew over late payments and bounced checks and a nasty attitude, and over moving in a girlfriend and refusing to put her on the lease, I feel it is time to move on with this one as well. 

Note however, that while items #1 thru 3 may be quite material to defending a lien, they did not prevent me from creating a compensable lien out of proof that I had paid property tax on someone else’s parcel.I’m in general agreement with your item (4), “In order to create a lien hold position, a suit would need to be filed and judgment entered in favor of me, as creditor.”

You can increase the prices by 60% and still come out to less than $100 a month for the capex on those 3 items. 

Speaking with other investors, the primary reason is based on the kind of tenants that would be placed in the rental condos, turnover, noise control - items that a normal live-in owner would make sure they self-control. 

Aside the usual due diligence/screening and placement of tenants, payment of property taxes etc, what are other items I need to point out to him during our meeting?

These will include items like insurance, property taxes, repairs, maintenance, and management.

They are both very responsible and would make great homeowners, it's the down payment in their market that has them stuck.I posted this on Facebook and got lots of feedback on the NOW generation spending too much money on non-asset-backed items and experiences.

I add it to the end of the notes.It's not a line item that "comes back" to me in the HUD.