I'm getting a lot of hits on my website from craigslist ads, no deals yet but hits are better than nothing.

I believe it is 1.5% of mortgage amount initially (added to loan), and .5% of the amount loaned per year.

Do added stress and extra repairs make it not worth the time and money?

@Jeff Bridges we have the full ledger for the last 7 years from the attorney handling the collections so I know how much interest and fees they have added on

If you want to be a serious investor, I would forget the online ads.

I approached a couple of local investors about them possibly being added to my buyers list and I ran into some road blocks.

I have now added information marketing as well.

I got rid of them and lost about 10k overall.The lesson learned is that while low end properties seem like cash flow gold, the management headache dealing with that type of tenant wasn't worth it, at least for me.

I strongly disagree with Tim that appraisals are worthless a good unbias appraisal on a peice of property is worth it's weight in gold.

So far one person has replied to our ad on Craig's list which excited us mainly because we just put it on 2 days ago.