Ho w difficult is it to make the switch from small time landlord like myself to running larger units?

All of the difficulties that I had were caused by mismanagement by the managers I was using.

Unfortunately the reason I am more interested in wholesaling than rehabbing right now are the difficulties I would face in getting financing.From reading the boards it seems that many people prefer to double close when wholesaling rather than assigning the purchase contract.

So, notwithstanding the inherent difficulties of owning property out-of-state, purchasing a property (especially a multi-family home) may not be a bad idea if I could find a property that could cash flow while using a property manager.So, presumably, after three-to-five years, if I were to return to the area, I would have somewhere to stay already.

The FHA’s loss mitigation program lists pre-foreclosure sales as one of five options that lenders have the authority and responsibility to investigate when working with homeowners in financial difficulties with their mortgage.

Sorry to hear about your difficulties.

I would and others may, feel that while a few extra bucks might be nice it doesn't pay for the difficulties it may cause.

Just remember Neil, you may find a nice deal in SoCal, but there inherent difficulties with being a landlord in CA, tenants are generally treated as endangered species by the courts, one of the reasons I haven't been excited about buying more SFR's in CA.Andrew

If the house is located in an area that is attractive to NY commuters you should have no difficulty.

If he is having financial difficulty and hasn't been paying the subs, they can and will seek their payments from you no matter what your contract with the GC says.