I'm in the process right now, actually. very difficult because they've been citing the current lease when the terms serve them, and ignoring it when they don't.Quick synopsis - doing a lead paint removal program with HUD that imposes rent restrictions so I have to cut their rent by $200/month.

This leads me to a few other questions.

If it's a hot lead I like to touch them one way or another at least a couple times a month until they want to do business with me, or tell me they've gone a different route or just disappear altogether.If it's someone not too hot or without an immediate need but still a possibility (like an absentee or foreclosure -say they worked something out and dont need you right now) then I still follow up maybe every month or two or three for like a year.

Just advertise in the housing wanted section in craigslist and you'll probably get some leads.

Even considering that you might be able to generate more rent if you pump money into improving the facilities, it still looks like a loser.

Who only knows how much debt the administrations of their generations are going to incur...i dont see us getting out of this fiasco without some serious spending cut backs and sacrifice.

"To be frank, since the TARP money came in, they are still selling off (properties at auction), but they kind of took a step back." . . .Real Estate Disposition LLC (REDC), which claims to be the nation's largest real estate auction company, held 300 ballroom auctions in 2008 and sold nearly 33,000 foreclosed homes for $3.4 billion -- a seven-fold increase in sales volume and nearly triple the proceeds the company generated in 2007.Company CEO Jeffrey Frieden said he expects to "smash that record" this year as banks and lenders continue to amass a huge inventory of foreclosed homes and are more motivated than ever to sell their inventory. . . .Some observers fear that if the massive amount of debt the government is taking on to stimulate a recovery, inflation -- and higher interest rates -- are inevitable consequences.

The major advantage of having a RE.lic. is not only do you have access to information you used to pay for but you can generate many streams of income.

Pocket $30K (or, 50K, if you can sell it for $110K) and use that to clean up your credit.You're not going to generate any income on this property.

And if you're not on the first page, you lost a potential lead.