You have many choices and you can reflect from the information you receive from other forumn members.

One you have a tenant in, do you do an annual inspection of the interior?

This assumes your credit is sufficient to make sure you can utilize conventional financing effectively otherwise FHA for the primary home will allow the most leverage at 96.5% loan however FHA adds 1.75% of your loan that gets financed into your loan and an additional 1.35% annual mortgage insurance.

Martin - yeah, that's our backup scenario.Once we expect to receive something the level of perceived value diminishes.

Currently, I receive 2 separate tax mailings per year per property--several months apart.

Turns out the previous owner who was long deceased somehow received a loan from the department of public assistance (obviously an expired program) against the house.

Do this right away.Have the seller change the mailing address on the account to wherever you are receiving the mail.

These have an ARV of $225,000The rents are $1350 per unit or $2700 totalSo one partner will fund the $130,000 acquisition and rehab for 12% with the interest accrued.The next partner would fund $140,000 for the long term and receive monthly interest payments for 5-10 years of say 8%.

So I asked for it for Christmas and received the "Emyth Revisited".

I'm not a lawyer, but I would think the new owner would not be personally responsible for a security deposit he didn't receive.