Gross Rent 10,800Vacancy @6% -648Net Rent 10,152Prop Tax (180/mo) 2,160Insurance (est.) 500Repairs & Maintenance(5%) 540Prop Management (8%) 864HOA (220/mo) 2,640Net 3,448Debt Service (262.61/mo) 3,152Net before consideringcapex or assessments 296I don't know what your insurance, repairs & maintenance, or prop management cost will be but I suspect these are fair estimates.

at any rate, yes, owning a rental for only 2 years, your expenses will probably be lower than 50%..then again, i'm betting you weren't trying to live off of that cashflow...my post was directed at the people who come on BP and say they want to buy and hold rental property and make that their full time job..if that's the case, they should not be buying for apprecation, at least for their first few dozen units--they should be buying for cashflow...once they have that base income, they can look to other avenues of income in real estate, such as long term appreciation

If you didn't factor that in that could make for the 12k difference in a 4 month span in a declining market.If the market keeps dropping and new inventory hits and cuts down prices even more you will wish you would have kept this buyer.Maybe get the buyer to bring some cash to closing to make up the difference or you could finance the rest but the lender might not allow that and not disclosing could be defrauding the lender.The reason is the lender will assess more risk of default if the buyer has additional payment besides the senior loan.

My suggestion would be download both a copy of the tax liens to be auctioned by the county and a list of assessment data (you may be able to download or purchase from the county or a third-party source such as CoreLogic), then match up the two lists.

Unless you are talking about small local banks or credit unions, it would be highly improbable for one to be able to get a sit down with the one in charge of making such decisions and then granting your wish.You would be better served to make relationships with the top REO brokers in your area and when they have deals coming down the pipeline, you would want to arrange access immediately following the eviction/clean-out so that you may assess the property and calculate your max offer amount.

Find out how this structure is assessed.

I think some of the earlier posts were about people not reading thru the original post very carefully - which happens to all of us Bottom line is the property manager didn't get permission for the repairs over 200 so thats all you should be liable for in terms of the repairs.I would get a new PM signed up asap and get them over there to rekey the house and assess the situation.

Although I see many sellers/developers dispute the tax assessment to reduce the burden on the tenants and the property.

There is also politics to deal with and occasional assessments. 

Connect them with your Mortgage Broker so that they can assess how likely they are to be approved for the home in the allocated amount of time, upfront.