Trust me, its much harder once you have had it and let it go than if you never had it.

If the Cap rate is indeed 25 % you may be buying into a less desirable part of town with issues that could cost you money in the long run.You need to have someone you trust in the area to guide you.

I am meeting with a few contractors this week, I am trying to find one that I can trust to do complete rehab work on rental properties and flips.

My 02 cents, being extreme one way or the other is a negative.

Looks like there was a private mortgage-( just regular guy's name for the deed of trust in 2008.)

Granted, getting Donald Trump type incomes in a working class neighborhood would probably require EXTREMELY long vacancies... there are quality people in all neighborhoods.As to your other questions, not all banks are investor friendly.

He probably has a few connections he trusts... and he should be able to vouch for you as a customer (yearly work, total scope, pay on time, etc).Of course that also tells him you're looking past him for when he kicks the can so you'll have to figure out how to phrase that...

I talked to a realtor that I trust on these issues.

Trust me, you couldn't afford it.Jeff

I also just got approved by a local bank and trust here in town, they are willing to do the loans from 30-50K locked in around 3-5 years with a 15 year AM.