I did however notice that houses in the area were newly developed and some with property value over 850,000

Buying first rental property Have offer on the table of $49.5K for a duplex that has renters who pay $550 per unit ($1100/month)-was originally listed at $69K but talked it down-On the corner of the block with a bus station right out front and a restaurant right next door-built in 1900-will need work very soon probably Or should I wait for:A newly renovated SFH in an up and coming part of town for the same price that rents for $700/month.As an experienced investor, what would you do and what are immolate things I should consider?

I have a newly formed S-Corp that I will be conducting this through.  

Hold for a couple years or more if it's lucrative, then sell out to a larger investor once construction is complete and the facility is fully leased.If I put up the aerial maps this project might make more sense, however there are quite a few people from my area on this board so dont want to give away everything.Now - what people would see as my limitations -- lack of cash -- I'm a normal guy at the moment with a couple investment properties, equity in them, enough cash to get me by in the bank, and having never done a project of this magnitudePositives -- I think this is a really great idea if I could get in front of the right people and sell it -- win win for the city - takes an area that hasnt seen anything newly built in decades, puts a nice development on it, provides more needed housing in the area and with the improvements to the green space should make a place more of the community could use - not to mention the increased tax revenue for the local govt.What would be my next step -- attempting myself to get a rough sketch up of said project?  

We are newly expanded into the AZ market and we do follow a multi prong approach with the flip model being one of them.

I know that I have skills that can not only help me make money but can launch someone else to heights that they might not have believed that they could accomplish.

My dad got taken for $10k by a guru back when the boom was just launching in 2003-04.Best to you both.

After trying everything to accommodate her, the strategy is now:3 Day Notice of Cure Breach in the lease for inspection or Quit3 Day Notice of Pay or Quit for late peymentLease terms are defined that lease expires on 6/7/14 and there is no month to month allowance or extension permitted so she must vacate.I have 2 prospects waiting for the home that are waiting to place 2x month rent for the security deposit, $3600, plus pay $1800/mth going forward.All this said, if the current tenant has no place to move to with her family and children, I have given instructions to the attorney to accept an additional security deposit of $1000 cash, a cash payment for the remainder of the month at a 30% increase and a newly signed lease that terminates on 6/30 with no possible opportunity of extension or reversion to a month to month.Based on her broker and property management experience, as well as concern for her personal credit score which was 760, it is my belief that being served with 2 - 3 Day Notices of Default and that an attorney has been engaged, she will decide to either cure the defaults and move on 6/7, or find the cash, sign a lease for 23 days with payment and then move on the 30th.Wanted to make sure all had the details plus the facts that as a landlord I feel a responsibility to my tenants and their tenants, hence the opportunity to extend, but also that to get the opportunity they need to be held accountable.

Would love to hear the boards thoughts on this.http://www.inman.com/2014/05/30/opendoor-paypal-vet-keith-rabois-big-data-house-flipping-startup-has-funding-and-will-launch-in-july/www.opendoor.comI think, if executed properly, it could work, but there are a lot of hurdles to overcome.  

Bought it last year for $300k, needed $150k to renovate. I raised $200k from a foreign investor to pay for renovations and put some money back in my pocket. In exchange, the investor gets a fixed 5% Interest Only retu...