It seems like your question is selling at all or keeping all of the rentals and I think somewhere in the middle would be a better choice.

If I were you I would base all of my investment choices on the return.

When told something is illegal, ask for a reference to the specific statue.

But, the broker that I sent her to refered her to a credit repair co.the FHA website states "borrowers with credit scores between 500-579 are elgible for a maximum FHA loan of 90% LTV...."

Of course, there's a first for everything ...This next thread holds a collection of links for buying at auction, some of which specifically refer to HOA:http://www.biggerpockets.com/forums/41/topics/68977-foreclosure-auction-sheriff-sale-and-trustee-sale-faq

If you show yourself to be a serious buyer most agents will be happy to work with you or will refer you to a qualified agent with less on their plate.

Deed of Trust Reference Number7.

For this purpose, just divide the annual net operating income (50% of gross rent) by .09 as the high end, divide NOI by .11 as the lower end of your potential range.Also, ask an agent to do a BPO/CMA to provide a point of reference.

Assuming you can find a bank that will finance under $50k at near prime rates, you're looking at $190 a month in debt servicing.Cash Flow = $5,400 - ($190 * 12) = $3,120Cash on cash return: $5,400 / $17,800 = 0.30CoC = $3,120 / $17,800 = 17.5%CASH - Purchase: $47,000Repairs: $5,000Closing Cost: $750Inspection: $300Total Expenses: $53,050Cash on cash return: $10,800 / $53,050 = 0.20Your NOI doesn't change based on financing (expenses are not correlated to financing choice though I guess you could in theory not carry property insurance with a cash purchase).

Hopefully I'll end up giving them a good reference as tenants, and visa versa.