And you have to be very careful about fair housing laws and credit checks as well.

I am currently working with a few investors who are fairly new.

It's simple really if they don't get paid until funded at closing and you pay the appraiser directly for upfront fees keeping the so called lender from PADDING anything then they most likely are real.If they ask for money upfront they can call it whatever fee they want.They keep changing names so people do not think it is a scam and then never fund the deal.Really think about this if a lender gets a bunch of money upfront they have low motivation to close your deal.It's like mailing someone a 1,000 that is 100 miles away from a building and saying drive here and paint this unit today.Versus having a 1,000 but not paying a dime until the work is completed.For every real lender I see about 8 out of 10 that are scammers and are just churning due diligence fees.This is rampant in commercial real estate.First question I ask a lender who calls is do you have to put up ANY money before closing other than direct payment to the appraiser??

-I am able to wait longer to find a better deal with a discount from market value but I find that these more finished homes often sell at close to fair market value(This one will probably comp at about 120k based on my estimates).

Thanks for looking, like I said This is not my nitch and I don't want to give bad advise to a friend. love to find her a Lo but maybe a 2 yr rent is not a bad idea either, with that fairly fresh BK she needs time to cook anyway???

I'm fairly new having only 1 deal under my belt.

Low income area where you are getting that much rent just because it has a bunch of bedrooms, I wouldn't give more than 40k max.I have both, guess which one I hear from the tenant once every 6 months and which one I hear from each week.

Curt Davis is fairly active on this site and is in the Memphis Area.

No if it's priced right it's a steal for most buyers.The fact the you mention THE RIGHT buyer indicates it is overpriced and the seller is wanting you to find THE ONE buyer who will pay top market for it.So it is either a steal or it is not.Usually that market is slow moving as those are move up homes and many buyers are underwater in their current homes.Research in your area WHAT IS SELLING.I focus on what buyer are wanting to buy in the marketplace and NOT what sellers are wanting to sell.Your MLS will have data on what product type is moving.Expensive homes have a bunch of outlay in marketing costs so the listing should not be taken lightly.Some friends that have been selling upper end homes for years provide basic marketing and anything additional make the seller pay for it and keep the receipts.Then when it sells they credit the seller off of their commission.This way if the seller wants to take off the market early or change brokers/agents and not give you the average marketing time to sell it they are out the money and not you.It makes the seller think long and hard about correct pricing when it is THEIR money on the line.

Jon,Thanks for the reply.Fortunately both meeting are fairly close to me, I'm not too far from the Tech Center.