My credit is great, 790's range, and I can get these at about 6% mortgage rate.So, my question is this.

The downside came quickly after when everybody else jumped in the same pool and turned my water yellow.

That number generally ranges from 12-20% of the ARV.

I've heard they appraise and depreciate items not typically depreciated like stoves and refrigerators but items like light fixtures, water heaters, furnaces and all the wiring and plumbing attached to those items, sheds, the list goes on and on.

The price range was from $3K up to $25K over the list price of the REO, and all of them were privately owned so some easier negotiating on price would be likely.It's in a "transitioning" neighborhood so once you get outside of a 10 block radius you can find some real "beaters".

I was sort of testing the waters.

You will then get an idea of a range...

There are about 6-7 homes in our price range, and they are not moving well, although the pace seems to be picking up.

Have you checked the recent sales data in that area to determine how past sales compare to the price-range that you are comfortable with, or is it more or less likely that you will be able to obtain a property in the price-range you are looking for?

These can serve as back up exit strategies.For example, once you have a reliable tenant with cash flow in a property, you can find a buy and hold investor who will be much more interested in the property, since they'll be spared the trouble of finding a tenant for it.You can also owner finance the property and then sell the note to another investor.† You can sell part of the note for cash now and have income later or sell all of the note at once.If you're having trouble finding local investors, online auctions can offer your property to a potential global market.Even in a soft market some homes will still sell at or near full market value.† Of course, you don't want to incur six months of holding costs waiting for your price so you have to get creative to make your property stand out.† One way is to "Go Green".† A few touches like solar hot water with a tankless water heater back up and adding rain barrels to the downspouts in order to maintain landscaping inexpensively even during drought conditions can put your property ahead.† Everyone likes ideas that save them money and if it is good for the environment too that is an extra bonus.