@Mike Walker While I'm planning on living in the Austin area, essentially because of the all of the things that make it a great place to live (music, culture and diversity), I was actually leaning toward working the San Marcos/San Antonio market!

Internet/arcade/convenience-coin-machine room?

Neither of which sounds very convenient.

I'm going to get some comps and decide, but am leaning toward offering 875/month for two years.

@Account Closed the excess money goes to the owner however if there's any liens excetera then those people who have the leans a creditors on the property go first any thing left over then goes back to the owner you can always make a deal with the owner at the auction and so on.

That said, option #2 also allows that AND you get to keep the house.I am in the same position and am leaning towards #2.

I am leaning toward buy and hold.

. , I agree 100% about turning off the main breaker and the main water valve to the house prior to having the utilities turned on at your convenience.

My initial thought was that I would take PITI x 12 as an initial working capital metric, and start to run more lean as I get some more experience.I'd be interested to hear how folks who have done this for a while look at working capital.

Due to credit issues, I'm unable to obtain conventional financing so I'm leaning towards my only apparent options of either hard or private money.I've called a few lenders(hard money) and find anyone that will lend under $50k.