So this works best with a moderate rehab, enough to justify the forced appreciation on an appraisal, but not so much to force you to come out of pocket with a lot of the rehab.

However, is the "$200 profit/month/unit" a general real estate investing rule that I should apply when running cash flows, or is such a rule of thumb more a matter of personal investor preference?

Natasha Hylton Here's what the problem is, it's probably against the MLS rules to hand out lists of expired listings and pre foreclosures.

If the return is right and risk handled correctly, I'm open to investing anywhere, and my hometown certainly isn't ruled out.Jeremiah B. - Which market are you looking at.

Or if you have made improvements to the property and can justify a higher appraised value, you may be able to refinance the 1-4 you just bought with the FHA loan into a Fannie / Freddie non-owner occupioed loan, and then go buy another 1-4 unit as owner occupied without having to wait the full 1 year.

It was a good topic and I hope he touches it up a bit and puts it out there.I'd say learn the basics, financing rules, teach them how to look things up and how to think.

Matthew,This may be an idea to help get the process closer to your goals.First, know the game and the rules of the game.

Lending rules are pretty tight now a days.

I have to rule out plumbing, HVAC, or electrical due to the fact that the house isn't even roughed for these systems yet.

Are the maximum rules per room federal or state?