Financing will also be a huge determining factor in the overall success of your investment.If you can just provide slightly more background on what exactly it is you aim to accomplish and what you have to work with, I can give you a little better idea of how that coincides with the market out here and show you how the financials are likely to break down, given your particular circumstances.  

Talk to some local property managers and factor in the turnover and vacancy rate.

so this morning I had my very first probate seller appointment.

What other factors should I be considering.  

Manager lives on-site.Ok, those are the things that are positive about the home and community.Now for the things I feel would need to be added/completed/renovated before ready for sale or rent:New gutters - ~$800Laminate flooring in kitchen and bathrooms to match entire house - estimated $500Stove/Oven - ~$600Fridge - $700W/D (optional) - $600Window in master bedroom - $200Ceiling fan in master bedroom - $200Kitchen sink - $200Redo all door trim/paint all doors/rehang, replace or adjust a few doors - ~$500 (just a guess)Add small door to water heater closet ~$100New master bathtub - ~$8003-4 panels of skirting need to be replaced - $ (no idea) but estimating $200Ramp/Stairs/Deck leading to front door needs to be replaced - $1000Landscaping in front - $200Cleaning entire home to make ready for sale - $200I'd like to get a foundation specialist to look under the home (free)Roofing specialist to talk to me about the metal roof (free)I need to ask her about the furnace (forced air) and its age and working condition.I need to factor in about three months of lot rent (at $375 per month) for the renovations to be completed - $1125And I'd like to have $1000 set aside for unexpected rehab expensesGRAND TOTAL = $8925This would mean that our negotiations to the seller would start at $11,075.First, are these figures anywhere close to realistic?

He has it delivered tomorrow morning for $25.He will also do things like check special order returns inventory and scratch and dent appliances or load my order into a cart if I  need it that day.This caused me to almost entirely switch from Menards to Lowes.Still go to Home Depot for vinyl plank flooring and on sale glass backplash tile.

Send me a PM if you ever want to get together for coffee some morning and talk REI great to network with fellow BPers and tennesseans!

(so time changes motivation for sure) he basically took what he owed, we decided we could profit , got it under contract posted it on my local REI forum at 11pm the next morning had about 3 potential buyers, 1 even sent a contract!

., but 30 years is a long time...however you have to be prepared for the possibility that the rents could go down and not cover the mortgage (not too likely in my opinion) or the vacancy factor could go up and you again may not be able to cover the mortgage.Lastly if we have another crash in values and it goes down under what you owe then your $35k equity could disappear.These scenarios could cause you to  end up giving it back to the bank and ruin you credit thru no fault of your own.

I will start that first thing Monday morning.