She also mentioned that when they do come on-line, she gets 2-15 offers the next day.

The starting bid is in line with the proper value of the property.

Next you either wholesale it which involves marketing, finding buyers, closing...all while trying to make a modest profit.Or you could rehab and resell it which involves properly setting your budget, knowing the market to determine exact repairs/finishes to make, lining up contractors, managing your budget, managing your contractors, managing your schedule to minimize your holding costs, finding an end buyer, with 100+ other tasks mixed in.Your comment about planning is dead on.

I am not talking about just going to court.I am talking about 3 day notice to quit,filing eviction,court date in the mail,going to court if tenants answers and getting judgement and writ,then paying writ fee and waiting for the marshal to set up throwing the stuff out.These time lines and processes will vary by state.In some areas the marshalls are backed up serving the writs.So if it takes 2 months to get them out and the writ takes a month then it will be 3 months of lost rent.4 if you get them out mid month unless you can land someone living in a hotel or moving to the area mid month.Then you would only lose 3 1/2 months.You also have to factor in time to turn the place and clean it and rent it out again.The fact you accepted a reduced rent will make it hard to get an eviction in court.Accepting a partial rent usually means you are doing a workout with the tenant.So for instance of I can get a majority of the rent I might do a workout.If the tenant wants me to stop eviction for 100 dollars I tell them to pound sand. :)What you do will also depend on your personal cash flow situation.Are you trying to preserve personal credit and do you have a recourse loan on this property??

Additional credit lines or savings or something if a tenant loses a job and/or other unforseen problems pop up.

That's the bottom line.

Chris unless there is land you can sell with this property or a way to change it's use I don't like this deal at all.Also the hard money lender saying they will mentor you etc. sounds great but you have to watch out for people that will separate you from all the cash you have.I think you would be better sticking with apartment buildings and line up permanent financing while rates are low.

Minutes from beltway, parks, bus line, downtown, and shopping centers.

I'm not familiar with any on line title search or appraisal entity, except to look up valuations and see that their values were way off, like Zilow.Some may be missing what a title search is or does, it has nothing to do with assessments, valuations or taxes other than to see that taxes are current.COnsider when looking at anything on line how they would address this one issue:Mary and John were prior owners jointly and later get a divorce, several years later they are divorced and the decree is filed and John sells the property to Bob and Betty who get title insurance but had an exclusion in coverage as to liens or encumbrancs not shown of public record.

The roof is the front line of defense for the structure.