The house down the street forclosed a good 1 1/2 years ago and finally came up on the market this week. My husband and I have talked about buying a couple rentals over the years and are now in a situation where we are financially able to do this. They don't want a lot for the house and it does need a lot of work that we can do ourselves for the most part. We are looking at around $15,000 in repairs. Even with $20,000 in repairs and the cost of the house we will have spent less than half of the appraised value of homes in our neighborhood (even with the recession) I am very excited and nervous at the same time. Our bank has already pre- approved him so now we just got to get a bid in and start moving forward. Guess it is time to start learning about being landlords... Any advice out there?