*The * is that the rule doesn't apply to some markets like much of California or most major metropolitan areas.

I am not comfortable owning something that, because of something that happened over night in the Japanese or European markets, is worth 25% less today then yesterday.

It's just a rule of thumb that usually isn't attainable in California (or most major markets).

Tim W. was calling this "European wood floors":http://www.biggerpockets.com/forums/52/topics/47534-trying-painting-floors-will-let-you-know-http://www.biggerpockets.com/forums/84/topics/15148-best-way-to-rehab-a-wood-floor-on-a-rental-to-behttp://www.biggerpockets.com/forums/52/topics/53707-what-is-the-most-tenant-friendly-flooring-?

I also have replaced most major maintenance problems I can think of, hopefully no new suprises.

The competition here are mostly South American or European investors looking to park money.

I understand the arguments and feelings about those programs designed as a safety net and then become a crutch for many but if we are to continue to press for an economic system that leads more strongly to a free market capitalism and less to a socialistic European system we need to provide a safety net for those who through no fault of there own fall on hard times.

Most major cities have excellent cashflow about an hour outside city limits.Tim

Four mostly European banks who have operations in the US but more in the secondary market or through specialist lenders.Chase the deal but expect you might not find an inside track.John Corey

There are normally groups in most major communities.John Corey