An amicable settlement (cash for keys) is the best, but again, there is no guarantee they will accept unless you up the amount to the point that it doesn't make any sense to do the deal.Bottom line is that you REALLY have to buy these deals at a deep enough discount to factor in such variables which is getting harder and harder to do in our market where the competition has tripled and the spreads have narrowed.

Basically I'm trying to narrow down certain specific cities/neighborhoods within Wisconsin to start looking into. 

As you narrow down what you're looking for, zero in a little bit.Do you need a property manager?

I've looked at several areas - both local and hours away - but unsure how others decide to pick their markets.Does anyone have any formulaic ways they narrow down where to invest? 

Also note that you can't use list prices, you need to look at actual sold prices - usually within the last six months, within as narrow a radius as possible to the property you're trying to value, on very similar properties - in other words, Comparable Sales, or "Comps".I recommend getting your hands on some old appraisals from a professional appraiser, so you can see the process they use to determine market value.I also recommend making friends with a realtor who will "run comps" for you occasionally.

For a lot of sales up here, the seller and buyer are happy to negotiate furnishings as part of, or adjacent to the transaction as they don't want to deal with that from the seller end or the buyer end.I would suggest perhaps narrowing your search to specific properties, as then, management companies may be more open to discussing a specific location rather than general characteristics because there exist a lot of variables for STRs in Big Bear.

(you should have the value narrowed # closer than the wide range noted here)$170k x 70% = $119know deduct out points and other related costs ~est. $7,140 (6%) also $50k in repairsLeaves you with $61,860 towards the sales price.So your $18,000 from a $80,000 purchase and $8,000 from $70,000.

Looking at the Scheme, it looks as though if a land bank-owned vacant lot is next to my property (both narrow), then I can apply to have it joined as a side lot (see city website).It sounds like a great scheme, but often these things are not great in practice. 

Those are the ones we look for to narrow down the OE.

You want a wide funnel at the top to capture as many applicants as possible and then a narrow mouth that only lets out the very best applicants.