She says she's asking 280k and she's selling cause she is 71 and she can't take care of the property any more.

Usually I would move on but the property might make a good rehab project; it is however very risky in that the property has been vacant for a very long time and actual repair estimates if in excess of the current estimate, might cause some problems.These are some of the numbers:ARV = $165K (but, Zillow =190K, homesnap=189K, homes.com=$145K, realtor.com=270K, eppraisal=$312, average=$221K)Repairs = $52K (based on sellers contractor, unverified.

There is a house that I see a listing for that seems to have a massive amount of Mold and water damage in the finished basement which includes a bathroom.

And yes, if she doesn't pay or is damaging the property then I agree that you should remove her as a tenant.

So you can recoup your investment (if you buy cash) after you close on your personal home.With that being said, with 500k liquid, seems you could do more damage than just 6 properties.

Be sure to check county records or do a  title research to be sure of no other liens that could impact you getting less than you expect cause you didn't cover your bases. 

Call me a wannabe if you want cause I'm not a millionaire yet.

That includes complete renovation, removal of wallpaper, replace damaged and gross drywall and Celings, hardwood floor refinished, baths, interiors doors.

Toua,I have a friend who created a LLC for each of her properties and her take on it was she wanted the ability to limit liability/damage that could impact her assets/business if she ever got taken to court.I'm new to this myself and plan on taking this approach.

I agree that the stated income loans caused this problem but here's an example.