I did a little digging in the PVA files and found out that the last appraisal was 10 years ago and the house appraised for $45,000.

You need to also take care of the following. 1.Fixing up a vacant rental so it can be rented out again.a.We had handy men to do most of this, but with 40 rentals my husband and I had to pitch in a do the labor ourselves as well.b.I would paint the house and garages.c.Husband would fix the repairs inside2.I would take care of the tenants.This entaileda.Taking care of advertising the homes (usually we had more than one vacancy at a time)b.Taking phone calls and screening tenantsc.Scheduling open housesd.Staging the housee.Interviewing the applicantsf.Making sure I double checked their application formsi.Criteriaii.Employersiii.Verifying funds and income3.Typing up the lease and making sure they understood the lease4.Then making sure the Tenants abided by the lease agreement5.Paid their rent on time6.And sent that Notice to Quit for Non Payment of Rent the very first day rent is late.On top of that I did my own evictions and I never lost a case and I dealt with the 36th District Court in Detroit.I won because I covered my butt by having everything in writing.I documented everything.Every phone call I made to them and every phone call they made to me.I never complained to a tenant because they called regarding a repair.I listened when they told me they couldn’t pay their rent, but even though I understood their problem, I made them pay their rent anyway.Landlording is about making tough decision and doing things you don’t like to have to do.Landlording is a Business.You have to not LOVE YOUR HOUSE.I can’t stress this enough.If you don’t know or understand that this is a business of evictions, damages, and injustices, and fixing this house up over and over again, you aren’t going to be happy let alone successful.How I wish I could be there for every new investor to help them understand what it’s like to be a landlord BEFORE YOU INVEST.But I can’t and that’s really a shame because it something every new investor should dig into before they invest.One last thing.

I'd double check on the rules of the rehab loan or you might dig yourself into a hole.I would avoid hard money lending unless it is your absolutely last resort.

The local REI (DIG) is also very helpful.

I have been digging around the BP site for a few days now and decided it was time to join in.

Whether the cap rate they gave me is correct is something I'll dig in deeper if they'll consider or entertain my offer price

Now...to dig a little deeper...the property i'm looking at is owened by a Foreign LLC being represented by a domestic representative with POA. 1.

There's a ton of information here, start digging in...

@Jacqueline Pelzerwithout digging into details of your transaction further I can't tell you for sure if what you are describing is prohibited or not, but you are in the grey area for sure.Under certain circumstances your IRA could partner up with a 'disqualified person', but such transaction could easily become prohibited down the road.

At that point you will need to dig a bit to find lenders that will go up to 10 each...