Beazer Homes buying homes to rent

Atlanta-based Beazer Homes has started a new division to buy distressed homes and fix them up for the rental market.

In a statement, the company says it already started the program in Phoenix. The program entails buying homes, typically out of distress, that were built since 2004, then making the necessary repairs to offer them for rent.

The company anticipates having 100 homes in the program in Phoenix by the end of the year and possibly expanding it to Nevada and California.

Longtime Beazer executive Rich O’Connor is leading the division.

The company has struggled amid the housing slump and federal probes of its business practices. But the home builder has been retooling. It pulled out of some markets and shut down its mortgage unit. It saw some gains in 2010, though it ended the fourth quarter with a nearly $60 million loss.

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