I believe she is a month behind, owes 2100 in taxes for 2007, property just needs minor repairs, payment is about $1200/month at about 8.5% interest.

The rental got some repairs done today, and will get a bit of paint.

A few things you'll like to know: What was the source of the water damage, is it dry,was it repaired, and was the damage properly addressed according to industry standards (S520 standard andreference guide for professional water damage restoration).

Nothing has blown my doors off yet since my limit is only $90k but I am also considering starting a small computer repair/rebuild business.

When I call (professionsl) people to ask about repairs, they usually ask if the place is a rental or my home.

If you plan on holding the property for 5 years, and renting it, then yo should be fine, but it sounds like you are after a quick-flip, and that would be extremely difficult.If you buy, and then re-sell within 90 days, then almost no appraiser in CA is going to appraise the property for anything above the previous sale price, unless you can provide proof of funds that went toward repairs or improvements.

I recommend reading 2 negotiation books, 2 marketing books, 2 selfhelp/success books, 2 flipping books, and a handful of the Home Depot Do-It-Yourself manuals to get familiar with how a home is built and repairs are done.Heres a lot of good Real Estate Related Books.

Whether you’re just getting started down the road towards fulfilling your real estate investing dreams or you’re a little more experienced, a good mentor can get you closer to the realization of your goals by showing you some of the tips, tricks, and other shortcuts that have fueled their success.The problem many fledgling real estate investors face – and some with a little more experience – is self doubt about their ability to put together profitable deals, as well as having numerous questions about when certain techniques would be most appropriate.These doubts and questions can easily be alleviated by knowledge, but a lot of real estate investors have trouble applying principles they may have read about, heard about, or seen in a short webinar.

Who gets to pay for this repair?

The returns are good news b/c now I can cross off those bad addresses from my list.2) I have gotten 2 responders (actually talked to me) so far out of about 300 mailed letters, and generally higher call volume calling my recorded message (can't prove it's from my letters, but likely given the timing).3) My letter was brief (one page) and highlighted the pain points for tired landlords (vacancies, repairs, late payments, expenses, etc.)Still not yet getting motivated sellers calling me, but at least I'm getting a few calls.