Once you do that you can start making cash offers & hitting the foreclosure market.

About 80 percent of the time the property looked good in the picture but when you got there in a matter of a few days to a week the place was trashed.You have to remember for the small commission the REO brokers are making on these it is "cash for trash".Small lots,old houses,very high taxes,and aging city sewer system that is falling apart.Many of these houses the foundation does waves,electrical and plumbing is stripped,mold,etc.Smart local investors are buying outside Atlanta in the surrounding counties where they spend a little more but nicer areas and higher rents and lower property taxes.

The odds of buying any particular REO property are low, so you have to take a lot of shots to hit something.

I'm refinancing a rental property right now under fannie's 5-10 guidelines. I'm over 3 months into this crazy refi and just when they're about to issue the clear to close, I get blindsided by some crazy issue.

Does a...

I need detailed electrical, HVAC, plumbing, foundation, etc.

You have to consider where the pipes will go for both water supply and drain, where the shut-off valves will be located, whether a window or skylight is present or whether exhaust fan is needed, where the vent for the waste will go through the roof, whether you have electric wiring that can accept a GFCI (old house might only have two conductors on many circuits, lacking ground wire).

If so, at some point when the balloon period hits, the loan is likely to get called.

I know that tenants prefer electric appliances because then they get one bill (and one deposit).

When a property first hits MLS is always the best time to get it sold, so I'm not sure if it's better to wait until we aren't right in the middle of the Holidays to put the properties on the market or just do it now since they're ready.Any opinions much appreciated.

Im in a hard hit market in Northern CA so properties are still relativly inexpensive compared to what they were 5 years ago.