6) Be an active participant in the forums and learn a whole lot (also for the low, low price of FREE!)

You can either give them notice per the lease, or institute a pet deposit policy and ask that they remit that in order to renew.

However, I have been told by some larger institutions that they do not lend under the $30,000 mark, which makes my financing plan difficult.So, I want to hear from the BP community: 1) What do you think about my deal, and 2) how would you go about financing it?

I participate in and have organized a few networking events in Houston.

This includes buying loans from institutional lenders.

Wells Fargo has goofy overlays and more rigid requirements as do other larger institutions in my experience.

I have little REI experience, however a strong interest to learn.I was looking at rentals when I was on the site prior.. didn't sign in, because it looked like I could get plenty of info about rentals without signing up or setting up an account.Now I am looking to see what 'other' options might be out there that would allow me to limit my risk and increase my returns, which means I need to participate!

I have not had any luck with institutional financing on my paid for properties.

I direct mail private note holders, have contacts at institutions & reliable note funds plus I spent a great deal of time developing a referral network.

I would tell the seller that you don't participate in auctions only transactions.