I'm a newby investor, Started in Jan 2006 with just rental units. I  I have several units that I purchased and rehabbed.  All rented out and I get good rental income.  I Tried several lenders to get some of my equity out, but all said, debt to income too high.  Credit score bet up because of this.  Can't get anymore credit and used most of my money to rebab (thinking I would get my money back after refinacing). Any way, On Tues, (6/5/07)  I found a 2000 sq ft house for $14,900 in a great rental neighborhood.  I called the RE agent, so I could look at it.  I was curious, just wanted to see what it looked like at that low price, thought it would be pretty bad.  The agent told me it was a repo, and the owner started converting it from a two unit, back to a 1 unit and ran out of money before he finished.   When I went to see the house, I could'nt believe my eyes.  Its a couple feet from my sons high school.  the previous owner did a lot of work to it.  He installed some new carpet, updated some of the electrical, installed a new hot water tank, and a brand new furnace.  The vinly siding looked great.  On 6/7/05 I called the Agent back to see if it was still available (I was trying to find some money) It was and the price had dropped to $12,90, I'm about to pull my hair out.  I could easily have someone in the unit by Aug 1, collecting $600-650 for rent or more.  It only needs about $1000.00 more worth of work, and it's ready to go.  Yes, the foundation and the roof is good, basement dry and house all cleaned out.  Just cosmetic things need to be done.   Help Me!  what can I do?.  I'm scraping up cash from family now, but still need quite a bit more. Oh! its assessed at $42,140.00