The condition we typically use allows for a concession of 3-months scheduled rent if a unit becomes vacant between the acceptance of our offer and Close.That said, when you collect estoppels during diligence, most "irregularities" between information supplied by the Vendor and the tenants' views will be exposed and you can simply negotiate a resolution at that time.

I'm looking for suggestions about which types of tenants I might target, beyond a typical family, for this situation.

Higher ROIs are typically  in tougher areas (say Gary).

Typical procrastinator.

Irony of ironies that folks using hard money loans are paying for their own possible foreclosure, but this is also the reason that frequent repeat customers of a hard money lender typically pay less in points as the relationship progresses.

Based on my income + about 70k in savings from selling non-performing properties i have been debating a few ways of going...I have been keeping an eye on MLS listings since i still hold my real estate license for the past few months and Craigslist for cash deals, but i feel the prices are just terrible right now on your typical 3/2 rental properties...Option 1: Should i keep looking for 3/2, 4/2+ under 150k deals for rentals in hopes of something popping up?

I'd also try a skip trace like spokeo.com or white pages.

At least by being up front from the beginning, you can all save time.As for us, we use the typical formula of 75% ARV minus rehab costs.

With a purchase price of $133K (all in), that works out to a ~1 CAP.I found the presentation of the information colorful but confusing.

Unfortunately, typically a far greater number will have spent a small fortune - perhaps one they could not afford to squander - trying to buy the "hope" of the marketing pitch and end with nothing to show for it.IMHO, the best mentors are a seasoned, successful, local investor who is willing to pay-it-forward to the next generation.