I am particularly concened about the water meters not being hooked up and potential charges there. 

While they often require some level of repair or renovation, the potential for significant returns makes them an attractive option for many investors.Why Invest in Distressed Properties in Phoenix?

.🔹 Property Tax Relief – If your property is severely damaged, you may qualify for reassessment and potential tax refunds.

The insurance payout also impacts your taxable gain.

Regarding the payout inefficiencies, I remember the nightmare that some folks were experiencing with state unemployment benefits during Covid.

Quote from @Jeff Calcaterra: We have a potential tenant new to the area who has gone through a paid background check, signed a background check authorization form, sent us a LinkedIn profile, sent an offer letter and says he is willing to send us paycheck stubs, but says he doesn't want us to call HR to verify employment because he is supposed to have found housing already.

The seller said this is in a gentrified area so there's potential to rehab this effectively and get a high payout as shown in the last comp.

It feels like the focus has shifted from creating value to chasing quick payouts, with little regard for the end buyer.

We put our first home on the market for rent $1450.00 and right away, not even a week my realtor found some potential tenants.

I am looking to connect with the investors there as the promotors are continuing to take Asset Management fees to the tune of $450K a year (on top of PM fees) even when their payout to the investors is around $20K a quarter (not meeting preferred) and the overall fund is negative about $450K.