Many OOS investors set themselves up for failure because they don't invest the time to ACTUALLY understand:1) The Class of the NEIGHBORHOOD they are buying in - which is relative to the overall area.2) The Class of the PROPERTY they are buying - which is relative to the overall area.3) The Class of the TENANT POOL the Neighborhood & Property will attract - which is relative to the overall area.4) The Class of the CONTRACTORS that will work on their Property, given the Neighborhood location - which is relative to the overall area.5) The Class of the PROPERTY MANAGEMENT COMPANIES (PMC) that will manage their Property, given the Neighborhood location and the Tenants it will attract - which is relative to the overall area.6) That a Class X NEIGHBORHOOD will have mostly Class X PROPERTIES, which will only attract Class X TENANTS, CONTRACTORS AND PMCs and deliver Class X RESULTS.7) That OOS property Class rankings are often different than the Class ranking of the local market they live.8) Class A is relatively easy to manage, can even be DIY remote managed from another state.

I don't understand what you are trying to do here. if the building is in bad condition you've got little to no chance to getting a tenant unless you're thinking of doing a complete rehab. if you are thinking of doing a complete rehab, chances are you'll need to do that before and then start marketing it. 

It is not realistic to budget for catastrophic occurrences but you want to understand what moves you can make if extreme things do happen.

As another woman in real estate I fully understand your post - life happens and we have to deal!

Your explanation helped me understand this strategy quite a lot more!

One item I don't understand is why is your appeal only being heard now?

These travel nurses don't seem to understand economics and that they are not going to move from an area where you can buy a house for the price of a VCR to rent an entire house furnished for less than an apartment is here....

Hi Aj,Yes, shopping around for rate is very understandable especially if you actually have a property to close.

Pay special attention to the exclusions listed on the preliminary commitment and make sure you are ok with those and that you understand them. 

Most banks that I have spoken with seem to understand the concept and do not seem opposed but aren't willing to provide any form of written guarantee that once the Quit Claim Deed takes place they won't call the note due.