Also, they are not real good in high traffic areas (entry way) or where they will get wet often (bath room)... again problems with sticking well.

Bathroom, I would make sure it's tile and not vinyl and have shower doors instead of shower curtains, this way you don't have to worry about water damage to your subfloor in the future.

Letters, postcards, phone call, knock on their doors, whatever.

And since we are not talking about long-term capital gains (property held less than 12 months) then rehab expenses that I would normally think of as being capitalized (like adding a new bathroom) are not really capitallized (and depreciated) because of the short-term nature of this type of transaction.

The VERY LAST thing I would want to do is live next door to my tenants.

At some point, a new water line was ran to the bathroom (just one) thru the attic (can't do that without heat-trace).

My father can do or coordinate all the repairs himself.There is an HOA fee of $64/Mo for a pool and clubhouse.I'm looking at 68% * $249,900 (low end FMV) - $10,000 repairs = $159,93270% * $249,900 (low end FMV) - $10,000 repairs = $164,930Although my agent might think it is too low (she tried to get me to go in w/ $180K but I stuck to my guns :protest: ) , I'm going with everyone's advice on here.I am starting my offer at $156,475 and will work up to $165,000 max.My realtor is having me get a Pre Approval for $157,000 (already have one for $200,000) and a $2000 Good Faith check to strengthen the offer.Using Wheatie's spreadsheet he used for another person ( I hope that is ok :lol: ), I came up with this:2 year Rehab worst case$165,000 Purchase Price $3300 2.00% Purchase Closing costs $19,200 5.75% Interest $4,200 Holding costs (24 Months of mortgage principal payments, right?)

In my state, there is a five day notice letter that must be posted on the door or handed to the tenants in person.

There are several other comparable homes nearby seling for $115k to $150k, including the hosue right next door for $115k(3 br 1.5 bth).

Wholesalepro, If only you could make a book that walks up to a person's door, who is about to become The Real Estate Investor; an arm comes out of the book, puts a squirt gun to said person's head and makes them read just some basic things they absolutely must know to even consider REI.