Another update.I backed out of the deal.As soon as FNMA accepted by offer, I had to commit to EMD and sign their REO addendum.They asked for a 90 day deed restriction, which I was OK with.The property is probably worth 165K when it's rent ready, but right now it's not.My accepted offer was 131K, with an estimated 20K to correct the violations - well the violations I know of - illegal fence, illegal staircase, illegal pond, two illegal exterior structures (gazebo style steam room and weight room), and illegal driveway and decking, plus some interior violations on a master bathroom plumbing.Oh, and a 345K city lien from years of daily fine.So when the clock started ticking I began to do my "thorough due diligence".Had my attorney reviewed the contract and looked into the lien issue.Now, the city, as a matter of policy, WILL reduce the lien down by 90% once the new owner makes the corrections and clear all the violations.

Lease renewals are usually around 1/4 of monthly rent (unless it is a very expensive property and I will reduce it to a flat rate).There are a lot of folks who only want leasing service.

With Wyoming, I want my property paid for in 10 years because it seems 15-20 is the business cycle (energy boom/bust).

Putting $50K down and self managing increases your cash flow to $413 a month but reduces your cash on cash return to 10%.

The best thing to reduce vacancy and lost rent is tenant selection.

It doesn't reduce the other risks I mentioned as they can exceed the value of the note and the property, especially in connection with legal aspects.

Try to get and keep some momentum going so that you are diversified across a few projects/properties to reduce your risk.A lot of people on BP dislike borrowing from family, but if you know people who are at the start of retirement, it can be a win-win for them to pull out some of their retirement savings and loan it to you to get a steady income stream back.

So, by reducing the Ground & Site by $2152, total Ground & Site expenses are $1144.3) Administrative: $13,654*Includes $11,231 for property insurance.

If those criteria are spelled out in advance it will reduce the potential for disagreement among the members.Good luck.

@Jason MeasuresTime is money you got your money's worth.Now that you own reduce your expenses create more income and equity.Shoot me an email address I can email you a list of expense reductions.Paul