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What this means is if it meets all of the following criteria it's about a 95% chance that I will buy it unless there is a weird circumstance.  The more "Heck Yeah's" that it meets the better the odds of me buying it is.  See the following:

This usually happens when someone is just willing to walk away from the property either because of a Pre-Foreclosure situation or because they don't have enough equity to close.  This happens a lot with military getting assigned to a new duty station shortly after purchasing their home.   

After all expenses including the payment, PML loan, utilities, snow removal, lawn, insurance, HOA's will it cash flow at least $200 per month as a long-term rental.  To determine this, you will need to check the local rents in the same neighborhood for the same style property, like for like.

This includes Realtor Fees, TC, Connectors, Bird Dog Fees, Wholesaler's entry fees and also closing costs and all cash to close.  If it is higher than this it is not a no, it's just not a "Heck Yeah".  Each deal will be calculated uniquely. 

Will I be walking into instant equity?  This means the property is worth more than I will be paying for it.  Also, If the rate is below 5%.

This is not only important for cash flow purposes but also has a lot to do with affordability.  If the rents are at a respectable income in conjunction with the average income and proves affordable for most than this is a plus.

If my strategy is to use the property as an STR and it is already furnished or maybe it was used as an STR already this would seem like a "Heck Yeah" but still depends.  If it was being used as an STR already I will need to know why they are getting rid of it.

Obviously, the name of this game is to not use a bank if I don't have to.  Taking over the loan is almost always more favorable. 

I am not interested in buying in war zones.  This is a Hard - Heck No! Please check crime sites before forwarding it.  Ask yourself this, would you want your family living in the area?

If there are major structural damages such as Foundation or Major Fire Damage this is a HECK NO!  I am okay with Remodels, Value adds, Roof Replacements and even Hoarder Homes.  As long as there is room in the deal and it still pencils out, I like it!

Just because there is an HOA does not mean I will not buy it.  It just depends on the intended purpose for the property and exit strategy.  If there is a strict HOA and they do not allow STR's and if my strategy is STR it's probably going to be a HECK NO!

If it is in a major flood zone and no insurance company will touch it then I probably won't either.  Unless there is so much equity and the deal just makes so much sense.