Costs associated with them and trust factors?

Pass it to an agent, you collecting a referral is “iffy”, he can’t pay you a fee based on it closing. 

A good factor to put into play, if commute time is a top priority, is what time you will plan to travel for work and how many days you'll be "in the office." 

You should absolutely make sure all costs are factored into the NOI.

Hi Heath,When you say he owes $138K is that his payoff amount, including the back payments, late fees, and any pre-foreclosure costs?

In other states, HOA fees are minimal, but here in California as you have seen, HOA fees can be us to $500.

Do I ask the contractor if they charge a fee for rehab estimates?

@Lee Underhill if you can buy $80k condos, with reasonable association fees, and rent them for nearly $2k per month, buy every one you find!

When I was analyzing deals in the Private Equity sector, I saw everything from 26% - 42% IRR needed depending on the size of the company managing assets, additionally how many Management/Fee company's are factored into the business model and at what point in the expense model they're collecting fees.There are payroll, Marketing, Office space, etc... now a part of your business model, acquiring an asset for cashflow becomes a small part of your equations. 

I have an investor from out of state that's willing to offer 10% interest only for up to 12 months with a 2% origination fee and a minimum note of $50k, but I would prefer to utilize a hard money lender here in the Indianapolis area.