Always do a title search, watch out for properties that have been TD numerous times and also filtered through large hedge funds, I recently encountered a nice 2.61 acre piece in a rural area I was going to buy from owner before it went back to the auction.

I dot my I's and cross my T's, as I encounter many things for the first time.  

Originally posted by Account Closed:I remember encountering this very situation when we were starting out with Airbnb.

That might explain the cheap prices you are encountering, might be offsetting high insurance costs...

You have to see past the cabinets and sheetrock and visualize what problems you may encounter in the walls or floors.

Perhaps many of the competing buyers you're encountering are aggressively bidding because they need to complete an exchange.

If anyone has encountered this situation or has any tips please let me know!

You can send copies of your bank statement in over and over again showing $50k, it doesn't matter, they will subtract $30k from whatever you show them.The most ridiculous example I've personally encountered, and I don't work with this lender any more but it still happened, was someone that wanted to save paperwork and a wire fee.

I'll give a little different take....in my experience once you have a legal lease that you're happy with you may never encounter another legal question ever.The tax issues important in terms of frequency because you'll face them every year and taxes are likely your #1 expense beside mortgage interest.The 2 main keys to being successful are that if something breaks, you fix it for the tenant and the tenant has to pay the rent on time. 

Just reallllly make sure the property cash flows enough to account for those first year surprises that a lot of investors encounter when they take over a property and you should be pretty safe.