FNMA REO 4plex.Previously owner completely vandalized all four units, removed all wirings, copper pipes, broken off cast iron drains, all windows, mirrors, tiled surfaces destroyed.Interesting that the original owner actually owned two buildings, both 4plexes, next to each other, let's call them building A and building B.Building A was listed with one realtor, at a reasonable price.

Yet when they arrived they only ruined $1k worth of tile, which I later had to chip back out and do myself.ArghhhhhhThus far I've finished one of the properties myself and re-rented it this weekend.

If you had made a note at 25K and had such an event, you couldn't advance additional amounts, you'd need to make a second mortgage and states may have minimum loan amounts for second mortgages, if that minimum is higher than the funds needed to be advanced, you'd have a real kink and may then need to loan more than was actually needed.The dual signatory checking account may work, but most banks don't accept liability of the two signatures, which means, if the contractor writes a check for materials the supplier is not aware of the bank requirement and if funds are available the bank will clear that check.

A tile backsplash in the kitchen and stainless steel appliances help the look.

However, the most consistently terrible aspect of my investing experiences so far is dealing with disreputable trades guys-- plumbers, electricians, tile guys, contractors, etc.

Well we were going to do this anyway to put the hardybacker down for the new tiles, so it's just a few extra pieces of plywood to replace the subfloor...no big deal...except wait...there's actually 5 floors in the kitchen!

A few examples:1. kitchen floor is hardwood, or sticky tiles.

Mine are SFRs, 1980-1990, tile roofs & stucco, no HOAs, very little maintenance and good cashflow.

After you own the property put together a team that will help you, accountant, lawyer, handyman, plumber, electrician, insurance agent, your family, answering service, discount material suppliers such as appliances, paint, building materials, carpeting wholesaler, etc.I guess you have to start by deciding on a hands on or hands off operation.

Found my electrician, tile guy and window installer through them.