1st REO purchase:$90,000 from BOA (all cash, they already had other offers), they took two months to close3 bed, 2.5 bath$5000 paint, carpet, minor itemsBuilt 2006rented for $995high appreciation potential - good schools, good area2nd REO purchase:$111,500 from BOA - all cash, they have already asked for two extensions, now set to close next week4 bed, 3 bath (suite above garage great for college student)$4,000 needs one furnace, a few lights/fans, a few shrubs, termite treatment and minor termite repairs (one board)should rent for $1,200 to $1,300built 2002good appreciation potential - good schools, nice subdivision

Another investor from Texas, who I took under my wing and willingly helped out with anything he needed was also getting the exact same treatment from the exact same negotiator, not surprising.

90% of the time you can see the plumbing issues with visual inspection.

Unless you elect special tax treatment for an LLC, its a pass through entity for taxes.

(Same with shared roadways, and sewage treatment facilities, BTW) Septics are not usually shared.

Spend several days visualizing the entire process and writing out a complete list of tasks.

Personally, I do worry about shingle color, because depending on the roof pitch and size relative to the rest of the house, it will have 30% to 60% of the visual impact when you first look at it.I have replaced shingles more than once just because I couldn't make the existing color style work with the rest of the house.They look like a dimensional/architectural shingle from the picture (not a cheap 3 tab still used in our area).

Regulators don't like special treatment, banking is about serving the public and community not special pockets of a local economy.I suggest you set your business plan along conventional lines of thought in compliance with the norm, not exceptions to the norm.

The owner's long term capital gains tax treatment was denied and the sale was deemed to be sale of dealer realty (a flip) even though the holding period was more than ten years.

You get very favorable treatment as far as loan terms (compared to a typical investment loan), you'll probably really cut down your living expenses (so you can save for the next downpayment) and you'll get hands-on experience.