We finally found him an off market deal through our friend network, thankfully, hard to avoid overpaying when your competition is coming in multiple six figures over asking, cash, no contingencies, no appraisal, no inspection even (also becoming common here).

I did not have an inspection done so that prob hurt me.

The property has already been inspected and all repairs including the cracks on the concrete walls have been estimated at a little over $1000.

Just curious, did you waive inspection on the house when you bought it or was it missed by the inspector?

He paid $225k when the comps show it's closer valued at $205k-maybe $210kHe had renters in for about a year but was not cash flowing because of the high HOA fee.

This area is closer to front of the house. 

Many at times they may have done their own research before coming for inspection. 

So when you get to inspections (or your realtor whom doesn't know much about investments, or your inspector who is filling your report with things that are irrelevant to you making money and being able to keep a happy tenant) often much more needs to be done than was disclosed and often these "deals" are being sold as is. 5) you realize that you can make the numbers work, but it's not a great deal.. and this is when so many investors will swoop in and say "it's fine, you don't need a home run!" 

Have a handy man go through the unit and inspect it to see what needs to be repaired. 

I am learning about Montgomery Alabama market and would like to work with lenders that work in that market as well as agents, PMs and inspection person.