You can get some rent information from the MLS via a real estate agent, in addition to the above sources.  

In addition to the book you've read, you may want to check out the Book on Managing Rental Properties, it may help you determine the right policies and procedures to turn that property around.

Good afternoon BP friends,I'm looking at setting up an SDIRA for the specific purpose of buying a single property - an undeveloped lot - and I'm trying to determine if it makes any sense to use an LLC and/or have "checkbook" control for this particular SDIRA.My initial thought is that since this SDIRA would be to buy a single piece of undeveloped land and then hold that property as an investment for the next several years, that the additional complexity and expense of an LLC and checkbook control would be unnecessary.

I would like to walk away from sales and begin in real estate.

But that still only leaves me with enough cash to probably do one other investment property around here because of the down payment I'd have to use to get an additional mortgage.  

Additional keywords: Indy, Indianapolis

. - If you can even get a 10% discount from market value then you get an additional $200.00 positive it might a good deal depending on how long you want to hold it.- Another way to look at it is, there are some other markets which are offering turnkey rental @ the 1-2% rule with discounts.

Additionally, there is an annual $800 filing fee for each CA LLC (each year), not to mention the additional administrative requirements that must be adhered to to ensure full liability protection, and then finally the hassle of the LLC filings themselves.That seems to be a fairly significant burden to incur on a property by property basis since these are only single family rental properties that generate only about 35k in rents a year.

I will spend some time on my own.. and do a pre app at the city or county that usually cost 1 to 2k.. then I might go to stage two with prelim drawings etc that cost 10 to 20k.. then I will decide if I want to move forward.Generally speaking you cannot develop bare land without up front cost that you could walk away from I have walked from 100k plus up front and not closed..

It is also a classic case of the metrics not telling the whole story, without some additional digging.Spartanburg and Greenville counties are on fire, everyone knows this.