@Ashley Dibble - I'm not exactly sure, it sounds like a fancy way of putting that the whole thing needs to be torn down/majorly rehabbed IMO...

Are you bringing other CapEx funds to the deal or are you planing on using the cash flow to make major repairs?

Typically with the banks I have dealt with, the commercial/portfolio loan department at a bank is much more likely to "speak the language" of an investor more than a typical residential loan officer.

With out of state the major benefit is that you are forced to form a team to be successful.

You can find some deals there if you look and most have the 'mother in law' suite in the back.The kicker there is that the majority of them are not zoned to add one... don't quote me, but I believe it needs to be R2, R2A, or R2AA to add them in.

Thevast majority of rentals and private homes in my city have them.

The house needs some repair - flooring throughout, paint, and a few odds and ends, but nothing major.

We have survived two major recessions by not over buying.

One of my rules is to require 6 months at their current job because this is the standard probationary period for the major employers in the area.

Plus, @ $50/mo, the tenant likely doesn't realize they are paying more than they would being individually metered since you only pay one customer/meter fee which makes up the majority of that charge...$35+ of it is likely a per-meter "customer charge" and not based on usage.