Nothing happens until you verify that it is a good deal and that you can finance the majority of the purchase price.Next, call around about financing.

-Location is a desirable part of downtown right near eateries, shopping, and a major college campus.

The wholesalers I work with, the vast majority of their deals are from MLS.

Any major plumbing, electrical, HVAC or roof issues go to licensed professionals.

If not the dishwasher could be a major issue.I have lived without one but that was during college and shortly after.

My day job is high tech and we have a huge training department.

2 hrs away, for a major market?

(I don't back out unless there's a major problem, but this has happened a few times with my buyer's agent).

I am not talking about just going to court.I am talking about 3 day notice to quit,filing eviction,court date in the mail,going to court if tenants answers and getting judgement and writ,then paying writ fee and waiting for the marshal to set up throwing the stuff out.These time lines and processes will vary by state.In some areas the marshalls are backed up serving the writs.So if it takes 2 months to get them out and the writ takes a month then it will be 3 months of lost rent.4 if you get them out mid month unless you can land someone living in a hotel or moving to the area mid month.Then you would only lose 3 1/2 months.You also have to factor in time to turn the place and clean it and rent it out again.The fact you accepted a reduced rent will make it hard to get an eviction in court.Accepting a partial rent usually means you are doing a workout with the tenant.So for instance of I can get a majority of the rent I might do a workout.If the tenant wants me to stop eviction for 100 dollars I tell them to pound sand. :)What you do will also depend on your personal cash flow situation.Are you trying to preserve personal credit and do you have a recourse loan on this property??

Therefore, most people do not make major improvement to the property.