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I have purchased a number of properties over the years at auction. Buying in this manner has never been for amateurs let alone in a very difficult and unpredictable real estate market such as this one. Also, there are a high number of vacancies in rental properties right now (in most markets). Being you have cash, there is less risk. However, securing homeowner's insurance on vacant properties can be very difficult and expensive as well. If you buy at auction (Sherriff Sale) at least in my area, you do not have access to the inside prior to placing the bid. Bank owned are much safer, but make sure you get the property fully inspected and make your the inspection results allows you to walk away if you are not satisfied with the results. Short sales are a nightmare. You'll submit a purchase agreement and will wait usually 35 business days before you even get an answer .... and the answer might be "no." If they say yes, they'll want you to close yesterday. This entire market is a real mine field. Proceed with extreme caution. I no longer own any rental properties and have no intention of buying any in the near future.

Hi Ray

Thanks for the info. Do you mind me asking where you were buying and renting your rental properties?

Thanks

Northeast Ohio area.