Will,To get a straight answer you should visit a lawyer who understands the lease option's law because most on the Internet are just guessing, and most will shove the Dodd-Frank act down your throat without knowing how it will work in 2014.

Yes it's very nice.I started to have a head ache...I wonder if they are legal residents...It's not a war zone area, probably very nice people who work hard, some of the residents do not have vehicles, but the building is only 3 blocks from a major road with public transportation.The numbers do work.But I doubt I can raise rent without upsetting the dynamics of that group.I also don't think these tenants found this place online, it's word of mouth.Something doesn't feel right.

November Market Stats for Austin for Anyone interested, definitely past the college town stage.Austin Board of REALTORS® releases real estate statistics for November 2013 AUSTIN, Texas–Dec. 19, 2013 –According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS® (ABoR), the volume of home sales continues to rise as November became the 30th straight month of sales volume increases and the most home sales in November since 2006.According to the report, 1,899 single-family homes were sold in the Austin area, which is 14 percent more than November 2012.

I've been reading the BP forums for a bit and decided to go ahead and make my formal introduction.I'm currently working full time and hope to make my first buy-and-hold rental property purchase sometime within the next year.

For now still keen to get a heads up on any obvious locations to consider for when I return given my budget and overall strategy.Thanks.

@Adrian Tilley - Go ahead and post a link . . . that'll help folks out.

Go ahead and give the sellers a copy of your initial inspection report.

Account Closed You're way ahead of me, so you are probably right and I might learn the lesson the hard way on this one.

The home is rent ready for sure, $1000mo should be butter. but Im not even going to worry about it unless they call back.Okay that is actually good thinking to look ahead on what you might want to do to it to maximize resale value in the future.As long as you realize that it isn't an upfront cost and let that skew the rental numbers

It was a great idea until they were one step ahead of us. :-)