You first have to become very familiar with the market and you initially must spend time in the market. second you must develop a reliable team if not a property manager at least a handyman and contacts for more complicated repairs.

The Realtor should meet the agent doing the BPO to provide comp.s and any repair estimates that You can develop to help justify the price.

That last part is an important clue to vetting the don't care properties from the ones that the owner just hasn't gotten around to working on (REO, rehabber, developer, etc.).Do you mail, door knock, hire kids on bicycles, etc.?

Alison Miller - That is great advice, and in fact I've developed my own software to keep track of all my leads and mailings.

Subsequently, I'm trying to develop a strategy, where I can gain a monthly cash flow on the mtg. pmt WITHOUT the risk.

Land development?

Lane, there is so much to new home development, I'll just address a couple things.

An attorney in Kansas City was assisting in the development of the LLC laws in Jeff City and I did speak with him and suggested multiple members with different rights as to voting and he liked the idea.

Some people also list properties that might have a highest and best use that is not a park, and that kind of developer does not come around every day- so some properties sit for decades...

The deal also includes 13 acres of developable land, including some commercial frontage.