I'm living in Corona right now (closer to the Norco side of town, though, north of the 91 & east of the 15) and working out of the Whittier/605/60 corridor & North OC areas (but always open to working out here in the IE!) 

There are property east of 95 in Boynton Beach for under 200k but it's not where people go for vacation rentals.

That would give you much superior returns over paying a bunch of middle men, you would also then be assured that the rehab was done up to you quality standards, and finally it would hedge your investment to a large degree from any short term pricing volatility caused by a recession or other events outside of your control.

@Genesis Pacheco I am not familiar with the New York market, except I do understand living in the middle of an expensive market. 

The plumbing in the place if for a medical practice, but I guess the pipes in the middle of the rooms could always be covered up. 

Europe, Middle-East, Asia, tropics you name it.

So in the last few years asset prices have doubled, while rents have only gone up a bit (so basically CAP/returns have fallen off a cliff since everyone wants to own in Montrose)Better bet would be to go a few miles east.  

My other question is, since the tenant is already in place and the owner is still willing to put me in the middle and allow me to sublease it to the tenant that is currently there, As much as I would like to get the option fee, but since the tenant is already there would you still have them put up a option fee?

I am compiling a list to see who I want to work with.DETAILS:I'm looking in the territory from: NORTH to Vernon Hills/ Mundelein, WEST to Crystal Lake, SOUTH to Bloomingdale/Naperville, EAST to DesPlain.CRITERIA: Single family home, condo, duplex (exception), townhomeMin Purchase: 80k Max Purchase, 250KMax Repair: 40KMin Profit: 20KThanks to all!

I'm in the middle of a refinance on my home and will have some cash in the near future.