Aren't you adding value to it so it's worth more?

If you’re curious about the model/assumptions or want a copy of the spreadsheet for educational use, please send me a direct message and I’ll share a read-only version after a quick intro.This is intended as a learning post for investors evaluating STR vs long-term multifamily economics.

People aren’t relocating the way they were just a few years ago.  

Foreclosure sales can be a "tricky wicket" if you aren't careful.The opening bid is usually the amount the lender is owed, plus foreclosure fees. 

Asking for loan documents and closing or escrow statements in advance and actually reading them should also be part of your process.No lender and no process is perfect, James, but bitching and moaning aren’t helpful.Why don’t you define the difference and share your process for vetting hard or private lenders, as you call them?

A safe play for me has always been section 8 housing, but doing such requires a lot of education before then.

Once you have educated yourself a little, it is important to set realistic expectations.

Ok, yes, people should have more common sense but is that truly their fault, or fault of those who were tasked with educating them? 

Hopefully these forums aren't dead!

Short answer: Probably.If they aren't licensed and do work without filing permits, obtaining COs, etc., it will be challenging to resell the property for top dollar.If the properties need minor/cosmetic work that doesn't require a license, then you might be OK.