Most rentals I have bought were in poor condition with code violations..

I'm taking back control of several properties which I formerly had someone (poorly) managing for me.

For another, don't overlook the value of benefits - health, vacation disability, sick leave, employer Social security match (7.5% or so), holidays.2008 took down a lot of landlords, especially the highly leveraged ones trying to reach your 25 homes level.

I'd also send her a letter stating that mold can cause serious health problems and ask her to move out immediately with FULL security deposit returned.

I don't think it is a poor idea, however, so long as the amount of equity is taken into consideration.

After all, if they have poor credit, they probably don't pay their bills very well because they don't have the money.I used the last year's tax return and past three months bank statements.

These are the #s “as is” but like I have mentioned there is untapped potential that makes it slightly more attractive to me.Please let me know your thoughts, or if more info is needed…Using 50% Rule:8 unit (prime location poorly managed, definite room for improvement and higher rents)Sale Price = $250,000 (30% down $175,000 loan amount)Equity = ~$85,000Gross Income (-5% vacancy) = $47,424Operating Expenses (50% Rule) = $23,712NOI = $23,712Debit Service = $17,721(So far our best financing looks like 30% down, 6% for 15 yr fixed for 10)Cash Flow = $5,991 ($62 per door shouldn’t I be shooting for $100+ ?)

The police won't do anything."2. "9 out of 10 rental applicants in Memphis have poor credit and rental histories."3.

I am a rookie property manager who is in the process of evaluating the current 'financial health' of all the properties I manage.

If the deal is marginal or poor, you won't likely hear from anyone.If you want to market your deal, post it in our Properties directory OR the DEALMAKING forum here on BP, and I'm certain you'll get feedback on the quality of the deal.