@Irina Belkofer - you bring up a good point about the previous criminal records - it is important to screen tenants and know who is renting the property.So sad - I can't imagine what the kids are going through, and his poor wife.

@Darius HowellI’m not sure I understand your cap rate argument completely but I imagine like most sellers he wants at least what market is selling for.The first thing I would do is call a commercial broker in your area and see what similar assets in a mile to 3 mile radius have traded for in last 6 months.That’s your base.Now figure out what cap rate the property could be at after stabilization.

Imagine the type of person she must be and the problems she is likely to present....NO thanks.

I’ve been running numbers in this particular area, and in canvassing I’m not seeing bandit signs (I live in Milwaukee where they’re everywhere), so I imagine there may not be other wholesaler sure near to possibly JV with as a back up.

Now imagine if someone died down there...how much do you think your insurance will protect you when they find out someone died because you let them live in an illegal unit?

I imagine having separate checking accounts for each property so that all income and expenses are tied to each property to make taxes easier, expense/repair tracking etc.

Imagine the you that you want to be in ten years.

What is your contingency plan if retirement isn't what you imagined? 

I’d imagine you could do it much faster than us!

It is hard for me to imagine how a house in a low income neighborhood in Mississippi could even be worth all those repairs.