East of there as you head toward Lake Las Vegas sure it's nice but the double HOA's plus SID/LIDS will eat you alive!   

I.E.You want to offer $200K, add the 3% for a total offer of $206KNow if you want to kick up your game one more notch then you will add lets say $10 to the offer price so that you out bid the lovely investor next to you who offered $200K cash.TIP#2 - If by chance your closing costs don't eat up the entire 3%, then tell your LENDER you want to BUY DOWN your rate (assuming your financing).

If an apple has 8 slices, and you don't have a knife, but you would like to eat 12 slices, you'll need to get a different apple.  

A property manager charges for turnovers, evictions, etc which would very quickly eat up any cashflow as well.  

I got the green light from the local commercial bank this morning and will hopefully be making an offer next week after another run-through a property with a contractor friend and mentor.Sandy, thanks for the invite to the RE group meetup.

@James Green@James Bowerman I created a meetup account so I definitely plan to attend that location in the coming weeks. 

Ask your friendly title company to create a HUD-1 for youWith the offer attach pictures of all the ugly things about the property; the landscaping, broken windows, bad walk ways, bad fencing, green water in the pool, any nasty pictures of the interior, the estimate amount of renovations neededWrite a cover letter stating what you will do if they accept your offer; secure the property, insure the house, pay all cash, take care immediately of the roof problem, protect and secure the house form squatters, have the electric turned on, notify the water department, notify the local police to keep an eye out for vandals...etc.Since no one at the bank can make a decision as fast as you want, put a drop dead date in your offer.

@Lori Greene, @Joel Owens, Thank you very much for your responses. 

Option 2) Sell and eat the loss.

Cant have your cake and eat it too.