People are selling houses right now for 300 to 400/sq ft that were damaged but have been gutted out and in need of rehab. 1200 to 1500 sq ft houses that once were selling for 900 to 1100 sq ft.  

You're always going to find someone that did better, so you can't let that dissuade you from picking up good deals for yourself.To play devil's advocate:- If you have a bad tenant that does some real damage, it could easily take several year's of your projected profit to pay for. 

No additional cosmetics or upgrades will be performed without prior written approval by PM. 2) During Move-in inspection, only "damages" will be noted, along with "new", "OK", "fair", or "poor" as overall indicator for any particular element.

I think tenant screening is one of the more important things for a new investor, so you are getting paid on time and your property isn't damaged.

I plan to build my portfolio with multiple properties and having them all under one corporation would mean that if any tenant wants to reach one of my properties for any damages, they will be able to reach all of them.

The inspection revealed rotting and termite damaged structural wood so I don't think rehabbing is feasible or practical.

In the second case, which was my own friends, their adult kids did some pretty decent damage to my house which they (my friends) did not offer to pay for or even cover the cleaning charges, and I very nearly had to evict them as squatters.

Because we have been in such a long, positive economic climate (some of which as been propagated with unusual government influence) I think the downturn will be longer than the average down turn.  

Frequently, I found properties that were not clean, had weird smells, damaged carpets, etc.Overpriced - Some people think that they can negotiate a higher rent by asking above-market rent.

But what pisses me off... is thet when someone does make a deal using those strategies they gloat and brag... which does damage... but no one that fails, or struggles will proud;ly and openly make everyone aware they failed.For every one person that does make a deal doing D4$, THOUSANDS do NOT!