We purchased a non performing note, first position, on a SFH in Feb 08.

You lend him the money, with a promissary note.

You are better off leaving them a note or writing them an informal handwritten letter that is very quick and to the point.

Even for a web programmer like me, I prefer something that I can throw and is guaranteed to stick. I

I would take profits after each day the DOW ends on a high note.

They had an inspection and noted that the gas water heater wasn't working.

This is where it can get sticky, let's say your in court to collect past rent, the tenant is going to tell the judge it was mailed.

On a more serious note, I would tell the neighbor to call the police everytime the tenants cause problems.

That along with figuring in a couple different factors normally gives me a fairly good general estimate of ARV.To be more accurate, you should pull 3-5 individual comparable houses (roughly the same square footage, bed/baths, amenities, etc.) that have sold in the last 3 months (sometimes 6 months depending on your market) and figure an average sold price per square foot and then multiply that by your house's square footage.Curt, on a side note, do you find a formal appraisal to be an accurate estimate of what it will realistically sell for?

Once you are sure all of them are out repair the hole correctly.On a side note you may want to open the bottom of the bay they were in to get the guano out.