Sounds like a lot of listings that come up in my search....I called about showing instructions on one last week and the listing agent just said the front door was open because everything worth stealing had already been stolen.

After your post, I read the 990-T/instructions.

The problem is that they probably have profit hidden in the other numbers.I have found that so called turn-key properties always seem to need $1,000 to $3,000 to actually get them rent ready.

Does anyone know of a good book or other resource that would be instructive to a note noobie.Thanks guys

-April 14, 2016 – One vacancy (in the best of the 4 units) and has been listed for 24 hours. 5 inquiries so far, with two –three solid candidates that have been instructed to do drive by visits prior to our first meeting.

There is no latent defect that was hidden...it was the buyer making an assumption.

This solves 3 issues, 1) with specific instructions by both parties to the atty trustee, both you and she will be covered regarding going around you, and for her default.2)  this also resolves the issue of what happens when you exercise your option in 9 months and need her to sign the deed.  

Hi Devin,Single families - Use comparable salesMulti-families - A deal (depending on the investor) is any property that generates property positive cash flow.First calculate the annual gross rent > Deduct a percentage for vacancies (usually 5% to be conservative) > Subtract operating expenses (maintenance, taxes, insurance, utilities, etc) to arrive a net operating income > Subtract your debt obligation to arrive at your final cash flow numberIf this number is positive regardless of the market; you likely have a dealRemember there are always other factors to be considered (liens, hidden costs, impairments, zoning violations etc.) however, that should be your guideline in finding a deal > it's all about the numbers!

I only had that license as a course (one of so many now) instructed me as to the type of professionals I needed to meet and talk with.

My conversation with him revolved around the following points:1)  I could close in a month (I'm not a cash buyer--that's when he was hoping to list which is unrealistic considering the amount of work).2)  I would buy the house as is (he wouldn't have to worry about inspections and hidden costs)3)  He wouldn't have realtor fees or seller concessions at closing4)  He would be able to just move without all the stress of trying to do the rehab.