Below is an overview of the numbers.4bed/4.5bath    1,760sq ft    Attached 1st level garage    Private fenced and grass backyard for each unitModern appliances and designCommunity amenities such as pool and bbq areasInitial Investment:Asking price: $239,900Initial Investment: $48,000 (20% down) + $8,000 (closing cost est)$56,000 totalMonthly Income:Rental rate: $2,400Monthly Expenses:HOA Monthly fee: $125Covers everything exterior... painting, fencing, mowing, etcProjected taxes: $450/monthHazard Insurance: $55/monthManagement company: $168 (7%) Projected Mortgage Note: 30yr note assuming fixed 4.5% interest rate$970TOTAL: $1,768/monthNet Cash Flow: $632/monthDoes anyone have any initial thoughts or things I may be overlooking?

When I ask him about seeing the property he says the tenants wont let me inside or even in the backyard.

Right now I'm standing on the edge of the pool fixing to jump in, so to speak.

Furthermore, the contractor that the Board retained for the pool repair, Courtney Lawn & Landscape, has a bond for only $15,000 that expires on 06/19/2015.

If the "investor" you speak of is experienced, knowledgeable and connected, why hasn't he been able to "close out" the investor pool? 

Dip into the real estate pool with something you can afford and learn on the job.

With that being said, I would not do a long distant flip on my first attempt, there is just too many uncertainties in a already risky business, thats why I'm still searching in my back yard for this first shot.  

Permanent financing is almost always done by a bank that doesn’t portfolio their loans (they aggregate them to Fannie/Freddie, sell them MBS pools, Sell them to mortgage REITS, etc.).

I'm in Greenville, SC and my wife and I are going to start buying some investment properties to rent.I was thinking of some "rules" as far as what types of houses to look at (we're looking at sub $150K properties), but not sure if these make sense so looking for advice on whether these are good guidelines.1) 3 BR/2 BA minimum so we increase our pool of renters.2) Good school districts so we don't lose out on folks with kidsDo these make sense or are they a mistake?

The tenant pool in those areas (country club hills, richton park, etc) is just not very good.I've got 6 out of 40+ houses in those areas in cook county.