Your target property owner may be alive and living in an assisted living or nursing facility around the corner or hundreds of miles away.

We always try to choose renovations that make it easier on us in the future, time-wise and maintenance-wise in addition to what is expected for the area.

There are investors that do this kind of thing with HUD homes as well.They sign paperwork at closing that they are occupying the property.Another component of this is fraud to a lender on a loan if you say you will be living there.The reason is lenders give certain rates to owner occupants because statistically you will fight much harder to keep a place you live in.If it's just a bad investment it is easier to walk away hence a higher rate and more down.This property from what you said is 2,400 X 12 = 28,800By half is 144,000 at a 10 cap based on 50% costs.The carpet and paint the bank put lipstick on it it appeal to a home buyer living in one unit and driving the price up.On a quad typically you could expect about 8,000 for the siding,4,000 for the roof,6,000 for 4 outside A/C units,if interior bathrooms and kitchens are outdated about 4,500 by 4 units is 18,000,then water heater and heater about another 6,000 total.So conservatively I have about 42,000 in immediate CAPEX.Every areas cost is different so I am just throwing mine out there.Now the other you say 20 quads total is what you need to worry about.If there are a bunch of short sales and foreclosures from vintage 2004,2005 loans then the new purchaser with a cash offer or a small debt service will rent below market to fill quickly and turn more or the same monthly cash as you.So you starting out at 600 rent monthly might go to 550 or 525 in your development.I have seen this happen.I have also seen even if your building is well kept quality tenants do not want to live next to the other buildings where landlords put in suspect tenants to fill up.Also some landlords with high debt service will drop rent instead of repair to keep tenants so they won't spend tens of thousands out of pocket to rehab.

Some things to consider and variables you may want to change....the list you are mailing to and area you are targeting.

Real estate investors who buy foreclosures should be prepared to target those States in 2013.Posted by Corey Curwick of Private Money Utah on October 16, 2012.

Look for neighborhoods that your target tenant would want to live in: 3 bedroom, 2 bath for instance.

It's a lot easier to sell a home that needs some work than a house that is half-built.

You should be able to get approval for this once you talk to a (competent) human (sometimes easier said than done).

I told all parties that I'm not an appraiser, but I used these forms to make it easier for all of us since we are all familiar with them.I mentioned in another thread that one assessor took issue with the fact that I'm not an appraiser and tried to have all of my evidence thrown out.

And, yes, there is exactly one Target, one Walgreens, etc, in CO that sells liquor.) finally started accepting cards.If you want to accept credit cards, that's now trivially easy, too.