Even boxes of papers attract pests.

I would figure out the exit plan first since as Page Huyette stated, financing could be problematic unless your planning on carrying a bunch of paper.

Ryan Outon, I like your idea on paper, but I don't foresee it working out quite so well in practice.

Now I just get to plan and execute and finally after being at a desk pushing paper for so long I can get some sun

and have a paper trail, and a list of exclusions we review periodically to our business model.

I went through my material list (200+ line items) and here's just a taste for you:Paint, primer, windows, doors, dry wall, mud, tape, screws, corner bead, door knobs, door stops, closet shelves, closet hanger rods, baseboard, door casing, ceiling fans, ceiling lights, switches, outlets, cover plates, CO & smoke detectors, underlayment, underlayment screws, thin-set, grout, tile spacers, tile, grout sealer, sanded caulk, cabinets, vanities, faucets, sinks, toe kick, filler boards, counter tops, garbage disposal, water lines, plumbing lines, drain kits, valves, mirrors, towel rods, tp holders, bathtub, shower pan, tub/shower faucets/valves, toilets, wax rings for toilets, dryer vent, floor/ceiling vents, tack strips, carpet

@Chris of course not I don't want anyone to sign papers for me EXCEPT ME.

Most of these projects are really akin to well-paid jobs.

Paper losses that shield income are a huge plus at our income bracket.

A property that hits a 20% return on paper but ends up needing repairs to keep a tenant inside can deminish returns quickly.Another aspect is that slumlords tend to look only at cash flow, the value of the properties is low and to keep the same or highest return, repairs are not made as they don't generally payoff immdeiately.