I actually scheduled my inspector to come out before we had the signed contracts back.

I hear great things about OH, personally I do property management in Indianapolis, and its very easy to find cash flowing deals.

Appraisers, Inspectors, rehabbers, remodelers, and home builders all have national associations, even multiple associations.Gotta get Flippers in there, too.

Any inspector will catch it (there's generally a line-item on the typical inspection form), and will inform the buyer of the potential risk of having poly in the house.That said, I've bought several properties with polybutylene and it hasn't caused too many issues.On the properties where I do a full rehab, I will spend $3-5K to replace all the plumbing (including the main line) with CPVC or Pex.

If anybody can suggest (or delete) other points I'd be grateful.This is really for 1-4 unit residential properties.Pre-Buy Checklist1) Demographics, ages, percentage of renters to home owners, incomes, type of jobs, type of renters2) Job centers, taxes, services, fiscal solvency, construction, renovation, land use laws, civic pride, gentrification3) Sales and rents trends, cap rates 4) Transportation, freeways, congestion, public5) Vacancy rates6) Property taxes, utilities increases, growth corridors, nearby office construction, replacement costs compare to new construction, 7) Growth in jobs, economic base, and population8) Weather patterns, natural disasters9) Building: architectural styles, materials, purpose built or conversions10) Established rental management companiesPurchase Checklist1) Inspections: property inspector, structural engineer, pest control expert2) seller disclosure statement, 3) statement of income and expenses, sellers IRS Schedule E4) Lot size and value5) Verify code compliance6) deferred maintenance7) space, view, natural light, noise8) Personal property & fixtures9) All co-owners present10) Site boundaries 11) Improvements 12) Clear title13) Deposit conditions14) Condition of property15) Escrow credit for repairs, 16) pre-closing casualty losses 17) Settlement costs18) Dates of closing and possession19) Tenants leases and rental info and their property20) Contingency clauses, environ, hazards21) Insurance22) Read all leases, check for rents levels, concessions (one month free rent etc), who pays utilities, yard care, snow removal, furniture and appliances, duration of leases, security deposits. 23) Ask tenants to confirm their terms of lease.

Hi Group,We've got:1-6 plex (full occ)1-Triplex (same)4 SFR's (various cities) most we own outright and we bought at dirt cheap prices.We need to expand...plenty more opportunities out there, and want to centralize as most of these homes are all over the place...Goal: find a way to move our holdings into one centrally located area (Indianapolis is one we have in mind) and sell/transfer move/divest ourselves of these other homes.Issues: We love the cash flow and don't want to fire sale any of this stuff...if we can get a good price and move on to other rehabs we'll do it.Ideas?

I bid VERY low and put in a LOT of bids.There is a synopsis of major repairs which a property will need, as found by the HUD inspector on each property's page.

Some areas of the country, however, you can find good deals on the MLS, but those are areas I would not consider investing in.If you want to play with the big boys and buy at trustee sale or pre-MLS (other than short sales) you need to have cash, financing does not work.If you have more questions for me, please feel free to ask here or in a personal message (PM)Will BarnardJust got back from REO acquisition meeting home inspector and contractors for final hard bids.

The inspector did her inspection and found a number of units with peeling paint - not much - very small patches - not enough to qualify under the sq footage requirement.

FHA approved inspectors are not required.