Good luck Big E

I'll also ask for a schedule E and verify past rent.

You will be inheriting those lease so study them carefully for any problems.If one pays late as long as they get caught up by the the current month and pays late fees it should be okay.The seller will argue for the 1,000 and you will argue for the 800.I would be conservative and use the 800.Make sure you count the 10% vacancy,10% management,30% O and E and then any repairs needed right away into your numbers.You can also calculate your future improvements out year by year depending on how long you are holding.

Most every state has a major university that has a R/E department and I like these because it's unbias and there is no profit motive, or hyperbole.In one of the discussion articles one of economics professors here is a bit contrarian and thinks this "shadow inventory" of homes banks alledge they are holding isn't that real...or as big as the hype professes to be.I also read you can buy expired tract maps on the cheap there.

Also, should I deduct them on the schedule E for the property with the mortgage or the one I will be renovating with the funds?

Some of them have made them into "historical status" throughout South Texas.Karen: We used to call G & E's signs "lollipops."

In 90+ e-mails, we discuss the terms of the contract, and he states he received the finalized contract, signed it and mailed it back (I was working in a different state at the time).

I've seen lots of crazy posts here from people supposedly selling bulk REOs where they think they can repost an e-mail and tack 3% onto the deal.

There are a ton of resources (forums, blogs, podcasts, e-books, etc) and each of them provides excellent mediums to learn more about real estate investing.

I;ll e-mail you and see if you want to go to one with me. :)Jenn