It has a large shed, AC, includes frig, stove and stackable washer/dryer, has tip-out which makes a large living room, two car parking port and carpet less than two years old.

He now knows you're buying 5 properties, he knows there is more work in the pipeline if he meets his commitments and does good work, he'll have a large incentive to keep you happy to earn the remainder of the work.Remember, humans by nature are lazy.

Even if there are banks doing this,my guess is this this property is too risky to buy ( I am buying for a rental investment property), because this same issue will apply to all other properties in that community and will bring the price of every property in that community by a large amount (unless the homeowners get together and want to do something about it). let me know if I think right

Bet not.You could possibly rent it out and sell it as a turnkey investment to an unwitting investor from out-of-state, for a large profit.

Sure, but a great deal will depend on how well you know that market and your ability to maximize rent, especially in areas where property prices are largely out of whack with rental rates (such as in Orange County).

I have one very large referral source, and use a google docs spreadsheet (that he and I can both view) that lists all of the referrals and a status update.

I'm with you on the validity of the 50% guideline, but you will be at a competitive disadvantage.Many large turn key sellers justify using zero because they're giving you a first year guarantee of the NOI.

The large companies like M&M and CBRE, in my experience, ALWAYS include estimates for vacancies, capital reserves (usually 200-400/unit/yr), and maint/repairs.

Be careful that you understand that you may be exposing yourself to large co-payments in partial loss situations.

We bought a 21-unit, 21000 sq ft property (all large 2BR and 3BR units) off of Loopnet, for $130k.