Might be easier than adjusting price and having seller do it.

So many want to say no so you'll just go away and make their day easier, but there's always someone out there happy to help you see if the deal will fly if you dig deep enough.

But the question posed was how can we clean it up....I think.Well, follow the lead of the good ones, begin underwriting the deal, asses the real risks involved, employ tatics to reduce or eliminate identified risks, and assess the value truly given and charge fairly for the real risk assumed.

Have an unproven tenant that can damage the property, and deal with vacancy clean up, etc.

It is include debt service and ALL expenses.Probably because it is much easier to get rent number that ALL expenses.

Higher end property like the one you talk about is less risky and collections are easier but to manage that debt on negative cashflow seems more risky then its worth to be in a great hood.

Easier to get a price drop, if warranted, then as opposed to near the end.

I did not check the title before I closed because I thought since it was an REO the title would be clean.

Did you leave the home in broom clean condition?

Its easier to cut costs when you are the owner and you are the entire board as well;) The words Enron and Madoff are other reasons i stay away from the paper asset world.