So if he's only getting $50 per month cash flow from the property, it's going to take many months before he breaks even with the cost of closing your loan.Second, if the property is not zoned for a boarding house, and you end up owning it, well, you have a single family house with possibly a stigma attached since these arrangements are frequently frowned on by the neighbors.And with that wacky and expensive management arrangement, it's more than likely that the "repairs up to $500" won't be done at all, so the condition of the house when you foreclose will be poor.So the more I write, the less I like it.

BP is mentioned frequently at our meetings.

I end up having to go to the recorder/auditor's office to record fairly frequently.

Do you all find yourselves replacing carpet frequently as tenants move in and out?

Here is the article: http://www.biggerpockets.com/renewsblog/2012/07/04/my-real-estate-independence-day/Sidenote: If you don't frequent that part of BP, you're missing out on great stuff.

People are so underwater nowadays, they can hardly sell or short sale their home even if they want to, unless they are out of state owners or they inherited the property it seems "motivated sellers" are far less frequent.

However, the judge has lately been more lenient on the 30 days and frequently gives 60 so that makes it 11 weeks.

Unfortunately, the only way we felt 100% comfortable with location was being there frequently before we bought our first one, spending weekends driving down, visiting local open houses, farmers markets, grocery stores, parks, reading local paper (which you can do online, so that one may be helpful to you) & watching local news, finding a good agent who lived there his whole life and new the micro-areas.

They miss a lot of opportunities to maximize returns, and frequently even give away "relocation money" to *investors* who are stiffing them.

This is the primary reason why hard money and private money loans are more frequently used by investors, to move fast on the purchase of investment properties.