My only concern is our ability to handle the increased HOA fees until this market starts a comeback.

x2 Joshua's summary of the situation.A lot of the problem is the "mark to market" accounting method that is currently devaluing long term assets.

But if you are concerned about getting fined you will usually have little problem if you put them up friday night and take them down by monday morning.

Ross, what is the financing method that you are using to purchase reo's that would make them good to lease option out?

You cannot use traditional survey methods such as a tripod and stickman because obviously they would sink.

sounds simplistic, but it was a pretty popular method when buying residential properties that i used a few years back.

If it is vacant and in good condition, I would start my marketing using the five day round robin auction method.

The biggest concern the OP needs to address is exactly what they are addressing.

I've never found a do-it-yourself method as accurate as getting a realtor to pull comps.I've only gotten an appraisal (if I'm buying it myself and not wholesaling) if the house was rural, in some city I'm not familiar with, or is somehow harder to comp than usual, and in this case it is totally worth it.

Thanks John, I want a property which can mostly pay for itself, but I am more concerned with long term appreciation.