If there is no lease, they are on a month-to-month or what's called a periodic tenancy.

The property is a Short Sale.PP-$275KARV-$410K - $430K (most recent comp sold for $457K 2 weeks ago)Estimated Rehab Cost - 60K (unable to walk the property until the offer is accepted) Holding Cost - $1200 Per Month (6 month estimated hold)Buyers Closing Cost - 3%Seller Closing Cost - 3%Realtor Commission - 5%I am looking to get the loan from a private investor and will be looking for the loan to cover purchase, rehab and holding cost.  

Thanks again for the great response and hope to share my 1st success story shortly. 

If you do decide to stay closer to Dallas also consider being an early adopter of short-term furnished rentals (i.e.

It's an option but I wouldn't recommend it unless you are fairly confident you can move the property in a very short time frame. 

I am surprised from the short time I have been reading the daily discussions on BP by all the new prospective "investors" who want to jump right in without testing the waters around where they actually live.

The rental income falls about $200 short from covering my monthly mortgage payments.

Im just going to keep this short and sweet.

Short term (1-2 years): generate $2,000 cash flow after expenses per month (child care costs)2.

I'd be happy to send you some information about the area and purchse and hold data about our line of multi-family investment properties.The short version is we've got one of the healthiest long term economic outlooks in the country, our developments and management make it 100% turn key (the check is literally in the mail, for your positive cash flow every month) and it's all new construction running at a 7.5% cap rate.Let me know if you are interested.