If their screening fails you, severely warn "don't do this again or I'll fire you" - - be sure to follow thru too.

I'm posting this because I did have warnings about investing in multis in the city but figured I knew my way around (which I still do feel) however, the warnings weren't for naught.

I would talk to an experienced real estate attorney.I've spoken with other investors at these auctions, and they warn of this exact situation happening to the purchaser of the sheriff's deed....that is, a shark-investor undermining an another investor's deal by using the homeowner to redeem the property, and walking away with the quitclaim deed in hand after paying off sale amount + interest to the first investor during the 6-month redemption period.

Pros/cons/forecasts/fears/warnings etc.Thanks in advance!

@Leigh Ann Smith if their check in was today, has VRBO warned you the payment did not go through? 

Maybe we can revisit in 12 months and a 25% crash will put us back to the prices We were warned us were too high.

I've spent a lot of time in that area over the years with my family and I have a few family members and friends who own houses (not investment properties) at Lake Naomi and have warned me about HOAs possibly changing rules on STRs.

I would really appreciate a second set of eyes or maybe some warnings I should look out for in a deal like this?

First late should be a warning + Late Fee, second time should be an eviction filed asap

@Terry TanWe have several student rental properties, including one rooming house in a similar configuration to what you describe above (9rms - 4up, 5 down).In addition to emphasizing @Chad Urbshott's warning about financing options - most of the Big-5 will not even wander into universityville these days and no-one will be clamouring to underwrite a rooming house - I suggest you check the City zoning in the area and the occupancy by-laws.