More and more reports come out of the price increases, low supply and so on in the real estate market of large cities across the nation.In your experience (or opinion), do the smaller cities outside of the larger metro areas tend to follow suit in time?

Marie Poe So does the bankruptcy remove the mortgage or just freeze them in time?

Here are updated figures after upping vacancy and maintenance costs as it stands with asking price of $250k, current expenses, and current income :Expenses - $(1224)/monthNOI - $17,712/yearCap rate 7.08%What I would like to do is buy it for $200k, put $30k in repairs, and raise rents from $450 average to $550 average which would make the numbers as follows.Expenses - $(1290)/monthNOI - $23,520/yearwhich would put me at around a 10.23% cap rate...I also got his approval to take a contractor of my choice in to estimate costs in time and money to bring the place up to par.

You may save money on paper when you are the GC but if you aren't able to be there Monday - Saturday during the day you are going to lose money in time.

We set out to build a transparent portal that would allow owners to see a "birds eye" view of their property at any given point in time.

After some hiccups with the realtor's broker, he was able to send out the documentation in time to HUD (this past friday). 

I typically advise all investors not intimately familiar with KC to avoid 64130, 64131, 64132 and all 6412-anything zips.

But, you can certainly obtain a loan without the financing contingencies if you can obtain one in time to close.

Once you relet the property, your present tenant will be released from their obligations.The security deposit is not returned to the Tenant until the end of the tenancy  - which, in this case, will be when you re-let the apartment - and then, any deductions for damages, cleaning, utilities, rent arrears, etc. are deducted first.In this situation, I would tell the tenants we will work with them to relet the apartment promptly, but the chances of finding and vetting a qualified tenant in time for July 01, are slim.  

I have known of people who go to the owner before this point in time, or even try to find them at the redemption hearing (not sure if this is the correct term for it), offering to buy the property from them, for the amount of taxes due, and at the redemption hearing the property is then removed from the foreclosing procedure.