Makes a big difference if you're working with folks that have liability and workers comp insurance on their employees (workers comp cost an arm and a leg for roofers).

Leave yourself a safety net.

Do you have an ARM (adjustable rate mortgage)?

When it is all said and done you can get into the ball park with value and remember it is defined as the price a seller sells and a buyer buys in an open market arm's length transaction.

I stay conservative with the goal being long term principal reduction plus property appreciation...minimal CF.From a small regional tx bank20% down15 year fixed @ just south of 6%OR5 year arm at 5.5% Both 15 year amoritization

Sometimes they'll say 'I don't know nothing' other times they will tell you about the hookers, crack, selling $5 showers, arms dealing...

There was a bit of a safety net knowing that I was above the price the last investor gave them, but it's still progress.I'm up to 14 calls on 229 mailings, or about 6% response rate.

Most of them now have 3/3 ARMS at 5.25% -- they are adjusting DOWN to 4.375% between now and the next 12 months!

It's in reasonably decent shape but it does have aluminum wiring, which I would need to have replaced for insurance (and safety) reasons if I bought it.

I'm pretty sure most administrator's definition (along with the IRS) is whether a transaction is conducted at arm's length or not, and I also believe there is not time limit necessarily either.