It is in fact a large contiguous collection of mini markets.The Newingtons from Elk Grove set you in the right direction when they asked about the zip code that you had in mind.

$180 mo. water/trash ----------------------------- $1,110 total Rent collected: $575 x 3 = $1,725 + cash flow of $615 per month (vacancies and management fees were not calculated in, as this property previously had no vacancies and since empty, you'd be getting all new 1 year leases).

What is your success rate at collecting Negotiation Fees, Loss Mitigation Fees, Admin Fees, whatever you call it (please include that as well, if you would) are you having with banks these days?

So when do you collect, maybe never.

Basically it works like this:1) Find/prospect for motivated sellers willing to do a lease-option on their house2) Find/prospect for tenants looking for a "rent-to-own" opportunity3) Put the 2 together and collect the option fee (or 1/2 of it) as your profit!!

I may get hammered by other landlords but good tenants are hard to find here in Fort Wayne.I have often offered the last week or two of the month rent free if the tenant takes the utilities.Of course, I have collected security deposit and first month's rent.I see this as a win-win for me.

Otherwise, you can rent to whomever you like as long as you don't discriminate, you collect fair market rents, and you report everything.Yes, you continue to report all the expenses as a vacant rental property through 2008.

What I'd like to see happen is that the people collecting checks from the government be required to WORK.

Oddly enough, it happens to practically mirror my own situation but don't let that get in the way. :-)Let's say there is this guy.

After some time passes (remember it could years away) they give the accounts to collection agencies, both the forgiven ones as well as the ones where the lender retained the rights to sue and they et the collectors chase them all.