From that I bought my first property, a 130 year old top and bottom duplex that I completely gutted and converted back to a SFR.

I got into it by accident as I got sick of my guy doing crap work on MY tubs and tops and charging a fortune.

After that, find a local real estate investing club and do your best to contact the top 5 successful people in that line of investing.

Some accounts are VERY delinquent but late fees and attorneys' fees are rolled into any foreclosure proceeding (which, of course, you'll pay on top of past-due fees).Postings above are sound advice.

You should also assume that on top of percent of rent collect the manager also gets 1 month's rent to find the tenant.

You still won't get the top rent for the market.More importantly, the tenant that overlooks the condition of the 30 year old kitchen is less likely to keep the new areas "new", so you end up redoing everything in a couple years anyway.IMHO, there is much more value in doing a complete rehab, with an eye toward minimizing future maintenance by design.

You have to inventory everything at movein/out, deal with stained table tops and upholstery, and repair/replacement when a tv or other appliance dies during a rental term.Vacation rentals OTOH, must have everything...linens, flatware, small appliances, probably cable and phone, etc. etc. but in theory you get a substantially higher rate for that type of unit.

Flexible schedule, ability to "pop in" on my guys working on my RE projects, and all the benefits of a top notch large cap. medical corporation.

Scott,The decision was likely complex given BoA business mix and some merge activities presently being worked on (MBNA for one).I think it is fair to assume that if BoA wants to buy in loans originated by another firm Countrywide will be close to the top of the list.

For this neighborhood, the rent is near the top.