Yesterday I read that they will break ground on a 200-300 unit high end apartment complex in GVR, and Vegas is slotted for 3000 apartment units to be built in 2014.

If the big time buyer buys the property at around the break even point it's still making the point that there aren't any deals to be had here and maybe the new bidders never return.As for paying cash it's very common, especially with auctions that require immediate payment.

I would imagine the court would allow them to break their lease as would you (im from Baltimore where anything is possible)

Even a property that only breaks even, if it is in a good area will usually go up in value yearly, rents will gradually increase due to inflation, and eventually your mortgage will get paid off and your income will climb rapidly.I bought a house 6 or 7 years ago I lost about $50 a month on.

If there is any damage to the property, he needs to file a police report or you should hold him fully liable just as if he did the damage himself.You are not obligated to break the lease unless that is specified in the lease somewhere, but he sounds like trouble so I'd just get him out with as little drama as possible.

Sell them and spend probably a grand for the requirements to do it right or break the law, dealing as some scum bag, or rent it and make more ethically. :)

I have come to the conclusion that this is a waste of time searching for deals on the open market, and that before you get into the multifamily business, you need to get educated to become credible, start a relationship building business with the players in the area, and a start a marketing business that directly reaches out to the owners of these properties - to break bread with them and share your goals.  

Just trying to see if everyone is like this where it is busy for a couple weeks then you get no motivated sellers/calls title issues break up deals etc and don't make any money

The property management will make or break you on the first day and most will churn you if they can.It all depends on the buy and what you are able to do with it - I have a $150k property in metro Atlanta that net rents at $1,500 a month (we only deal in net numbers) but I also have a $75k property (what we have in it with purchase & repairs) that net rents for $2,000 and will sell off for $150k.

My plan was to break down the owner's address by ZIP and spend a Saturday going to each ZIP and door knocking.