From my limited experience (and reading the book on rehab costs), I estimate the exterior rehab costs alone to be $35k.I have not seen the interior of the home but it can't be good.

FHA uninsured have owner occ period of 5 days(after the lottery period where only government and non Profits can bid).You are right about asset management companies having different rules on closing dates.

I know you can do multiple properties in a 1031 exchange but I don't know specifically if there is a limit.

(unless a different date/time filled in).

Here's what I know:The city of Corpus Christi has a 3-yr apprciation rate of 5.9%The city of Corpus Christi has a 1-yr apprciation rate of 6.7%Zillow predicts that the neighborhood will appreciate at 7.4% in the next year.The house is on an island, so expansion is limited but has not yet capped as there are still vacant lots scattered in this area.This address is in the best school district of the metro areaThe city experienced 10% net population growth 2000-2010The city's two main college campuses had a combined enrollment of over 22000 students in 2011.The city's top ten employers are in the sectors of military, education, health care, contruction, government, and grocery (local grocery chain headquartered there)The house is a 3 bed 2 bath, which is on the small side of avg for this area.What more what YOU need to know before deciding to invest in this area?

You'll have to deal with inspectors and limits on rent increases.

Needs roof, Needs sewer line replaced, needs carpet, paint, etc, everything is dated.

Not sure that marketing is the best approach since the budget is very limited and I am looking at several out of state markets.Thank you

Really without seeing your whole picture we can talk for hours and not get anywhere that's why I suggest the bank, because the situation will differ based on property/credit/limits... etc...7 years ago I would've called you up and pre-approved you in 5 minutes!

Brandon Turner said he is coming down in soon, let's set a date.