And glad to see the progress from the Charlotte area team.

Often it needs work: rehab, new tenants, to hold because it is in the path of progress and will hopefully appreciate, or to see potential for value add someone else did not.  

I mean, the house could be so bad that it needs to be torn down, but if the seller is selling the property for land value, you could knock down the house and build a new one for the right price.Typically, for me, it comes down to condition vs price, and the seller not accepting a lower price to account for the things found during due diligence.There of course are other specific examples, like buying a condo or townhome only to find out there is a special HOA assessment coming for $50,000 per unit, etc.

Once you know the actual rent numbers it will be easier to assess.

It currently is cashflow neutral (if you do not include the assessments we've paid).

There are sponsor out there that appreciate their relationship w/their investor and see it as a long term opportunity to educate first and foremost, make sure they understand the investment and its progress from E2E.  

Please keep us updated on future progress.

Some condo buildings are more financially strong with less renters, rental cap is in place and owners are not in arrear with their assessments.

@Nelson Leal Best of luck and keep us informed how you progress. 

Personally, I like to have a tenant lined up before I even close on a property, but I manage all my own properties, and I have an existing pool of tenants who have rented from me in the past--which makes the process a lot easier for me...If I didn't have that advantage, I would typically advertise the property for a week, and if it didn't rent, I would re-assess and consider things like: what response did I receive?