This "How To" session provides attendees with the tools necessary to acquire, rehabilitate and effectively manage properties. Both presenters provided tips and examples of what worked in their various situations.

William Elsbree, senior vice president of The Finch Group Equities Inc., says that laying the groundwork is very important and that it is a step that is necessary to ensure future success. He offers the following suggestions in laying the groundwork:

• Get to know your HUD staff
• Get to know your local government staff
• Keep up your community and public relations
• Know your market and assemble your team
• Identify source of working capital
• Monitor the foreclosure pipeline

After the property has been acquired, that is when the real work begins. Elsbree suggest that sprucing up the exterior and renovating vacant units should be done as quickly as possible. In addition, he thinks that it is imperative to put up a sign that advertises the new management team.

"Keeping residents informed is a necessity to ensure smooth transition, says Elsbree. "It is important that residents have the confidence that someone is listening to them so hold regular board meetings with residents."