It's just big enough to be legally a bedroom, so TINY.My question is to those with these 'barely legal' bedrooms, if potential tenants ever take issue with it and you have trouble filling vacancies listing it as a 3br.

The current system is backward; instead of seeking long-term tenants whose rental payments barely cover the mortgage and expenses, you should rent properties short term, charging nightly rates.

However i've picked up several nicer properties and have 6-8 parties per property willing to pay application fees to try and get a chance at the property.

Then take a very low profile, stop the mailings and don't get involved in wholesaling deals that have a good chance of some attorney being involved, like probate, foreclosures or REOs as these all have legal proceedings attached.

I would not waste too much time because it sounds like she is in no rush and quick cash will not be a life saver for her.Also, advise her to consult her own contractor to see what repairs would cost for her own knowledge.Most importantly understand there is a good chance the Realtor will take the listing at the inflated price.

If that's the case your investment has a better chance of having a lower vacancy rate.If your school system was very strong I would be doing the opposite and looking at single family and units with 3 and 4 bedrooms to I could attract the family that wants the schools.

So from all the comments I am getting the chance of getting the bank to lower their price closer to my offered price is not going to happen unless I can somehow justify it.

Looks like you will barely break even once you figure in maintenance, repairs and cap ex?

It was long term occupied at the time and I gave the occupants a short term lease to give them a chance to find something.

Also have a realistic expectation that if the owner paid $200k for the subject property and now its appraised value is only $85k then the chances of them allowing you to get it under contract for an amount where you can make a little money is unlikely.