You can keep a close eye on your rental, probably live (almost) for free on your side if you buy right, but if you don't screen well and set out good ground rules from the start, you might have more headaches from the tenants bothering you about minor stuff "because you're right here."

@Christopher Hunter Thanks mate I will do that, and way ahead of ya on the meetups been keeping an eye on it, heck I get an email telling me when the next one comes up, read it to see if its here in Lakewood or Tacoma :)

In the eyes of these geniuses that run our credit, I am a risk.

Naturally, when deals are found he'll have the final say, which I'm okay with since he isn't completely "green" in the industry.Finally, I will say there have been friends who were uninterested the first time around but have come around wanting to invest together because of how well things are progressing.For me, I had to build the relationships first; then prove myself.

The podcast on HML was great, I think this type of loan definitely needs careful consideration but I have my eye on a flip that would be an ideal candidate for a HML (low cost property in need of rehab, great in demand desirable area, high resale potential ), now just to find a local lender or other short term financing...

Keep an eye out on the Real Estate Events and Happeninings section for any events local to you.

I do have reserves to make big repairs, but I'd rather save those and look for a more sound investment.My first instinct was to fix it because of course I've been thinking about how to update already, but then I start having these feelings last night to walk away since now in addition to what was obviously to the eye and then found underneath it seems like there could be lead paint, asbestos, and other older home issues lurking, and I appreciate you confirming that feeling.

In this case, I plan to hold on to the property and use it as an upscale rental once rehabbed.I have my eye on another rehab right now and I just don't want to have two big loans simultaneously.Sub 2 sounds great (and worth a try!)

I realize that this will be really tricky as all I have is book-learning and theory and I cannot put eyes on the property myself.Any advice to point me in the right direction would be greatly appreciated.

Tenants rarely keep the lawn green or mowed (less than 1 in 10) by my experience.