The only trick I see is that the rents for 2bdrm houses tends to drop off considerably compared to the rents for 3 bdrooms.

hi corey. i have done it myself. one room, it came off like melted butter, the other damn near took an act of God to get it off. depends on what is under it i guess. i used just straight water on it, but the vinegar and water might do the trick as well. yes, some of this stuff does contain asbestos. i had a sample tested before i even started it. found out it contained no asbestos, so i did it myself. yes, it does make a mess, but in a rehab, you are gonna have messes anyway, right?

Don't be a one trick pony.When you find a deal, then consider the tax angle, that can guide you in your approach of your strategy.

[I would never give someone $50 for coming to an open house.]The trick is you first need to figure out a way to sell them a map to the house for $100.

We’d all be naïve to think the gravy train will last forever, so it’s important to think ahead strategically.This is a great point...We were a one-trick pony (REOs that needed $20-30K in rehab) for the first several years in this business.

I'm surprised @Brian Gibbons as he has not mentioned being a transaction engineer yet or stuck as a one trick pony. :)

The trick is knowing exactly what these bureaucrats are thinking and how to prove them wrong.

The trick to hard money is to make sure you are only using it for a very short amount of time, and have multiple options to get out from under the hard money loan.   

The trick has been finding a bank that understands this.

But getting in for the $ wanted, that's going to be the trick.