How much did you spend on rehab?

Then, if the answer doesn't ring true (like the politician who "wants to spend more time with his family"), or if it turns out clearly to be false, then you have your first red flag.re: financials, start by asking for the usual suspects: The actual current rents, the basic lease terms (expirations, renewal options, if any), and the operating expenses.

I do think a motivated seller would rather call a marketing piece with a face vs a regular yellow letter or post card.I'm gonna bump this again to see if can get any more feedback before I spend a few thousand on marketing materials with my Mug all over them.AG

The reality is, spend a bunch of time here on BP, go to a few local Real Estate Clubs in your market, Network and approach of BP members in a PM regarding mentoring.

I'm leery of spending a lot to build on it, though, as I don't see this area appreciating in value much more than just as the economy itself rebounds.

After that, it becomes driven by what can be done within the budget, bass-acwards, but you'll get there with experience.

And yes it's a depreciating asset, but when one is working on a limited budget the prospect of living in a place for a lot rent only payment is much more attractive then rolling more money per month into something they'll never own (apartment).

But you may tend to spend more on taking care of your own unit.

There are just so many variables, I suggest you just put in an offer with the assumption of spending a few thousand, but with a 21-day inspection contingency period.

Easy to do and well worth spending a few bucks to make sure you don't run into unneccessary problems.During this process I also learned that it's very difficult to get new policies written while you have any open claims, so if you do run into an insurance issue - get it resolved quickly if you're slated to close on new property.