I have great credit and barely the money in the bank to cover 6 months but my problem is the assets.

The first floor tenant was paying next to nothing and the second floor tenant was also paying below the average and the utilities were covered by me.

Their data base does not cover all areas yet but is a really useful tool in my area.Jb

I am looking for input as to what questions to ask or how you recommend "screening" people to put together whom you will develop a good working relationship with.

Some other things to consider:- A HELOC can be nice for covering SHORT TERM emergency repairs if you need that security.

Well, a blanket $1,000 a month formula doesn't cover all 50 states for cash flow.

It also covers all my internet, phone, fax, copy, E&O insurance and misc costs.

Quite often the bank will bid up the price to whatever is owed to them on the loan and if there is a second lien then that lender might also bid the property up to cover their losses.Most likely you can just call the county courthouse and they will tell you all about the auction rules... after all, they WANT to sell those properties for as much as they can and that means they need buyers like you.

If you are purchasing the property low enough, you should be able to get into the loan with it covering the payments, cost, fix up money, and purchase funds.

It's a very small amount,so we have to screen very closely in terms of ensuring eligibility.