You won't have any power to make day-to-day decisions in this model, but nonetheless it is a good learning experience.

I lost a house in Black Rock. did not enter a bid fast enough. but I have been looking at the places you mentioned and I'm learning about the areas by driving around. thanks again .

I knew the area very well and it was a very fast growing area. 

We have a back log of ugly sinks, hence the post you see today.

I'd also wonder what the costs were estimated to install things like insulation, kitchenette, removing/adding doors, etc would cost and how fast you could make up the initial investment in rents.Then of course you'd have to consider if your family will be able to handle giving up the storage space LOL

A quick overview of the property:The home was built in 1813, and looks to have some additions built throughout the yearsThe units are side by sideOil heatNo ACSeptic TankPublic WaterRental income of $2800 per month combinedOffer Price: $265K (based on expectations that the home will need all new windows and one new oil tank)We just had our home inspection today and learned that there are some framing issues in both the attic (supporting the roof) and the basement.

I will be calling the closing agent today as well as the title company (but they may be one in the same I have to check).  

There was a time when you may have been able to negotiate a short sale at a price that made sense, but in today's market there is no incentive for the bank to do that.

@Brent Coombs, @Wes Woodhouse, and @Amy Kendall:I just came here to celebrate my 200th post, and perhaps get a pat on the back :)I'm still chugging along towards my goal: just hit 4X today!

If you have to start today and have the budget and goals like mine, which place would you start with?