Prior to relocating to Texas last year we would manage the properties ourselves but after the move it became difficult and we had had a poor experience using an external management company.I am already negotiating on purchasing two single family homes that are already tenant occupied as well as waiting to see if a short sale purchase materializes.Almost all my experience comes from multi-family renters so if there are anyone selling or wanting to partner up, let me know.I've never tried a short sale before and the plan is to rehab and relist the house.  

You will have to take the attic insulation out if you replace the ceiling drywall so find out now what is there.

- Budget- Permits- Foundation- Demolition- Framing - Windows and Doors- Roofing- Exterior Siding- HVAC Rough-In- Plumbing Rough-In- Electrical Rough-In- Structured Wiring Rough-In (Internet, Ethernet, Coax, Speakers, etc)- Insulation Batts- Framing Punchout (misc framing needed to account previous trades cutting holes and maybe needing soffits due to hvac or plumbing)- Drywall (Hang, Tape, Skim, and Sand)- Insulation Blow-In (if needed)- Trim (Base, Case, Crown, Kitchen Cabinets, Vanities, Etc)- 1st Paint- Granite Templating- Ceramics / Tile- Vinyl- HVAC Final- Electrical Final- Hardwood Flooring- Plumbing Final- Structured Wiring Final- Install Granite- First Clean (clean up all bathrooms and kitchens)- Drywall Point Up (takes care of all over cuts or mis-cuts from above contractors)- 2nd Paint- Carpet- Drywall Blue Tape- Paint Touch Up- Final Clean (remove hardwood floor coverings and plastic on the carpets)- Punchout (your guy to do the grout caulking, door adjusting, fine tuning)

Couple those goals with the inappropriate structure of insuring deposits (mispriced). the opaque accounting used for financial institutions, the ability of financial institutions to "innovate", or as one of my college professors puts it "loophole mine" the regulatory structure and regulations themselves and the FDIC's role becomes a Hurculean task.Pulling back to 30,000 feet and most observers would realize that there are a lot of players and a lot of poor incentives and other factors that share the blame for this recent crisis.

I’ve seen a number of experienced investors, real estate agents, and even mortgage officers give pretty poor advice on these forums at times.Experience is only one element I consider, as there are others I find far more valuable (intellect, whether or not they’re truly paying attention to your post, etc.).Regardless, whenever I’m told something, I research it myself for either more insight or validity.

You would need to find a property in an area that is strong but the property was poorly managed. 

However, if you are considering installing all new flooring because your hardwood is not existing or in poor condition, I would highly consider just a laminate good quality floor instead.

New insulation and drywall installed in the garage, all walls and ceilings painted.

I would venture that most who try REI never get as far as you two'The problem may be that right now instead of having the worst house in a great neighborhood you have one of the better houses in a poor (or better stated small) neighborhood.Is your agent advertising outside of your local area? 

LOLThis site has been a true inspiration to me and with it I have rediscovered my passion for real estate and the possibility within its realms.I guess it is the geek in me...others don't really understand, they are 9 to 5ers, and see that as the way.But for us its different, I feel we can see beyond that, beyond the constraints of what is "expected" or even in our ignorance how the world works.Especially if that is all we have been exposed to in our life experiences (goodness knows they don't teach "rich dad poor dad" in school!)