Plus if I represent a seller it is his pocket I'm concerned with not yours, what you want is not the issue and I'm sure at the prices your offering I will have no trouble meeting or beating your offer no matter what kind of saviour you think yourself to be, The truth is your probably making an offer as a buyer you wouldn't accept as a seller.

Justin, you will get a lot of good advice here, but beware of the local ordinaces concerning eviction should you choose to go the lease route.There have been a few cases where the eviction courts have refused to hear an eviction case because of that lease agreement.

Perhaps not as they would be in first position and therefore protected, but by today's standards, they may have an issue with it as your debt coverage ratio could be out of wack and concern them with your investment not producing enough cash to pay all the bills.Contact a non recourse lender and ask.

I both appreciate and share the concern regarding fraud.

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Not just taxes and insurance, but property management (if you do it yourself, you still need to be paid so include the expense), utilities, vacancy allowance, capital reserves, administration expense, advertising, paroll (if applicable), etc.Also, the 100 year flood plain concerns me.

I like the first house. and I do not want to lose the opportunity to bid on second house but I am concerned about if both banks accept my offer and I only have money to purchase one.

The biggest concerns as I see them are:- Rehab costs are possibly more than $2K, something unforeseen can bee $5K- Vacancy - lost rent is a killer- Who pays the utilities...these can be brutal if you have to pay them all.- Management costs or the cost of your time to manage

Of more concern would be your DSCR.

Hey Svetoslav,You seem to be missing "The bank appraised the property at $440,000", which is the total value as far as the bank is concerned.