I have one client from Aussie who bought a low end duplex in INDY 60k he rehabbed it 3 times in 20 months finally sold it and lost over 50k on it.. not possible for out of area folks to turn they hoods around if they are going to turn around it needs to be you local dudes. ( if you even want to) most locals won't touch this stuff this is why its owned by unknowning out of area people who got sucked into it...

I am moving in that direction and also looking into crowdfunding opportunities- which might interest you as well- considering the ability to invest relatively smaller sums in diverse assets.When I first came to Detroit to look at properties before I moved up here, I used to run into former RE Investors that had lost their over mortgaged properties in the crash.

That way your investment wouldn't be lost.  

But yeah like I said the county records indicate that there was a large amount of appreciation between the date that it was sold (2009) and now, so I'm thinking that the guy lost his job or something and just couldn't handle the bills.

Many a would be investor has given up in this fashion as well and lost tens if not hundreds of thousands .Key I think is do your own due diligence but I think people put WAY to trust and faith in the hands of property managers when with a little effort, study and patience a lot of the same work can be done more cost effectively.Bottom line in my experience : NO ONE is going to care as much about your property as you are. :)

You should let your insurance company know it will be used as a rental as there is additional coverage that can be a part of a rental property such as lost rent reimbursement.  

I would bet that a majority of cases are lost by landlords over this one item.

There are a few red flags that give me this feeling and if it doesn't close I lost 2-3 weeks of being able to market the property.Do you think I am being unreasonable for proceeding only with non-refundable earnest money when they request to change the loan 55 days after contract?

Even if his dad lost the property he should still be able to get an easement by necessity to allow access to the property.

Thanks for the info and the help--- I lost the bid by about 3500--- Cheers-Dan