And to add to what Jeff S said,When you decide to lend on a property, comfortable that you would want to own it, figure out your own exit strategies should you end up with the property.

Some entering puberty; some exiting puberty; some way past it.don

You can absolutely buy apartment buildings and triple net out of state without any issues because the managing is different than with houses.You have to get a qualified broker/agent that knows what they are doing and puts you first and thinks JUST AS MUCH about your exit timeline and strategy there as they do about the purchase part.

The software vendor for our MLS system is Rapattoni , and I haven’t even been to the training class, just test driving at this point.My initial focus was to identify good flipping neighborhoods by looking for aggregations of MLS “consumer” sales/listings/pendings (not lender or short sales) in the past 9 mths throughout my broad target areas, in the exit price range I wanted to focus on initially (100-150K).

Here is my point:http://www.nakedcapitalism.com/2012/10/some-smart-money-is-already-exiting-the-single-family-rental-landgrab.html

The 3rd floor does not have a fire exit - but there is an accessible flat roof that could hold a deck and stairs down to the 2nd floor rear deck.

The 3rd floor does not have a fire exit - but there is an accessible flat roof that could hold a deck and stairs down to the 2nd floor rear deck.

Exit is now looking like $800k because of massive appreciation.

If it were a long time rental, I would have installed much cheaper, one dimensional shingles.There is no cash flow rental in my book that would require such an expensive shingle.I just put on 50 year presidential composition shingles on a $1.3M exit value home and the cost was $13k ,including the seamless gutters.

While I didn't read the entire article, I imagine that whatever was ultimately proposed as an optimal bidding strategy was the same as following Nash equilibrium, another concept you might want to familiarize yourself with from game theory.Now, the problem with using Nash equilibrium -- or any other optimal bidding strategy -- in a real estate auction is that the item being purchased doesn't necessary have a commonly agreed discreet value (what the article calls a "common value model").Instead, the participants in a real estate auction may have very different perceived values of the properties up for sale, depending on what their exit strategy for the property is.