We closed on 4/7.It took my guys just over 3 weeks, to add an unofficial 3rd bedroom, paint the place head to toe, redo half the flooring (home depot allure flooring at $.99 i'm a huge fan), take care of a bunch of exterior maintenance issues, put in new appliances, do some minor kitchen work, replace the hot water heater, couple of other small things.

If you disqualify them prematurely or without documentation you can get in hot water if they claim you turned them down for the wrong reasons.

One disadvantage is in hot markets with properties in demand the foreign investor can't waffle and needs to act quickly or you will get beat out by locals who already know the market.

If the area is indeed "hot" you will get bidding wars.If you price it too high some buyers wont even look so it will sit on the market lingering, you then start reductions and next thing you know, everyone is wondering whats wrong with it.

I knew enough not to trust "Zestimate" and used only comps that had been placed by realtors on Zillow (it now links to the realtor when a property sells).I was not even looking for deals when I came across this, I was basically doing market research, looking for "hot" area's.

Also whether you want to be in the downtown center city area near all of the Artsy fartsy galleries, clubs etc, or do you prefer the tourists area, or maybe living it up by the waterfront {there are many choice hot spots}.

I used to have 20 lower income tenants and the things I have seen will probably blow your mind.They have an incredible aptitude for not accepting responsibility for their life and doing anything else to get by but actually work.

BP Nation is awesome and the amount of help people are willing to give by answering your questions is incredible!

I also didn't get a response to my phone call or most recent email.So now what is my next step to insure that I don't do anything that infringes on my tenant's rights and could get me in hot water?

@Morris Lucas - Generally speaking, I don't chase the "hot" new listings that have so much activity on them like you are describing.