Hey Ryan, the property is great shape, hardwoods covered by carpet, newer windows etc. the house is full of stuff from the previous owner so as long as there's no crazy unexpected issues, it needs a deep clean and paint.

We are set to close on June 15 on a foreclosed 4 bedroom, 3 bathroom (one bath and bed separate over the garage excellent for a college kid or...), 2,248 square foot house built in 2001 in an area with good schools for $111,500 plus some closing costs and $2,000 in repairs (one furnace, two ceiling fans, some shrubs, a piece of trim).

If the previous landlord has people leaving voluntarily after defaulting on the rent, I think she's got a good thing going.

Colleges look at student's community service achievements.

Check with trade schools too, I use togive classes at a Technical College about investing and flipping, that will keep you away from the gurus who want your money.Good luck

Landlords regularly discriminate based on income, criminal background, previous evictions etc.

I agree with the previous poster that I would try to lock in as many conventional loans as you can though since its basically free money.Aside from that, you should be sitting pretty when the price points return to normal and you own a boatload of houses.The only other downside I see is that you're not getting to take advantage of having someone pay down the debt and/or the interest deductions.

However, to avoid such situations I would have a two-level approach.First: Before accepting tenants, I would interview them with probing questions like "how long were you renting in your previous place" or something like "Where do you work".

I had previously decided not to landlord anywhere that I would not personally (hypothetically) live and this would not fit (My other property is in middle class hoods).2.

Who cares - it is the same as college degrees - the more money you pay the higher degree you can add to your resumes.