Even if the LTV is right their lack of experience can tie up your money, cause you not to churn for points, and at best you might not get any payments and break even or lose money.I can see places like Cali where if the money is strung out in a climbing market the HML could come out ahead but also could be left holding the bag when the market hits a bubble and many loans drop in value at once.I think the best HML's talk to you on the phone and share their experiences.

I collected 750 per month and I had a 261 per month pmt and about 140 in property taxes and insurance and I had a 400 a month heat electric bill.

I know it might be hard to find deals with cap rates in the high teens but I dont even get interested in income property till the cap rate hits about 20%.

Im not sure what all essentials are I suspect a lot of plumbing electrical and maybe hvac.

Many of the properties have had utilities that have been vandalized, including electrical service panels, and copper into the building.

Once silver hits 100 dollars an ounce I might be inclined to get some 1/5 ounce silver or just buy silver dimes;) This will make the purchase small enough to use as normal currency if you are wanting that.

John hit t on the head.

Ok I'm sorry but I still need help.So I went to listsource, which is a very comprehensive site, and went to the Absentee Owners section and got a list for my area code, did 100 hits and it only costs about $14.

The down side is it is thrashed and there are no tenants staying there which makes it ripe to go in and take electrical and plumbing which will happen if you do not secure the property (doors and windows) immediately.Good Luck on recovering any money from that PM.

Electrical, plumbing and mechanical (HVAC) in particular.