They left me no forwarding address or updated contact information because they are on the run from the law due to 2 investigations I have no information about and a check fraud investigation.

Most of these funds will accept investments from individuals provided they're accredited investors and can prove they are.I investigated many third-party verification services yesterday that provide a screening service where you can demonstrate you're accredited without having to give the sponsors tax returns, letters from your CPA, etc.

Here's a couple of the articles:http://www.washingtonpost.com/sf/investigative/2013/12/08/debt-collecting-machine/http://www.washingtonpost.com/sf/investigative/2013/12/08/local-laws-do-little-to-protect-homeowners/Just be careful.

If your state also has income taxes, that is another complication to investigate.

In one deal I had the bank too longer than the SS attorney estimated and approved the deal 5 months later instead of 3 months, and I had to eat the 2 month worth of property taxes as a buyer because the original package estimated a 3 month duration to prorate the property taxes on the preliminary HUD.Now foreclosure is different, I had numerous back and forth with banks during foreclosures.

Obviously you are grandfathered in but if you were to do full renovation you may have a few issues to contend with.I ran some preliminary numbers as well and see a healthy 8 cap but cash on cash return is horrible at 6% but like you said you have room to raise the rents.I think your gut maybe on to something telling you to rethink your numbers.

If your goal is to make more and grow, then you should investigate what types of investments are out there.

First I do a preliminary phone screen so we don't all waste our time.

I am also investigating investment properties in Phoenix, particularly near the ASU campus.

It's really close to commercial which may not bother prospective tenants (I'm not sure) but I'd be leery of holding it in my long term portfolio without more investigation and an exit plan that involved more than just a residential rental If it's the one I'm looking at on Google Maps then it looks like it's all wood siding (many investors I know hate the old wooden siding houses, not sure why.)