You'll get hung up on, laughed at, have doors shut in your face etc... but at the end of the day as long as you've researched thoroughly and know your numbers it will work out.

Side note:@Pete Nater how did your indy turnkey property work out?

With 2nds, many times we'll get a workout negotiated post FC sale, or we'll just rent it out, with us paying the 1st as a subject-to, or without paying the 1st and keeping the rent until the 1st forecloses, it's a business decision at that point.Best,Dave VH

It's probably a waste of time to even bother asking the seller to carry, it would be just crazy if they would work out some terms that would work for both of you.

To your original point of tile floors: Tile is obviously the best choice for wear, but it is also the most labor intensive and less preferred than wood.

. :-)So, what this means in terms of the question above -- I would highly recommend reading and studying intensively until you are *comfortable* with the idea of jumping into a project.

Otherwise their guidelines say 6 months for a cashout.Still more money in this particular property than I wanted in my acquisition stage, I'm also trying to work out a private mortgage that I could do a rate and term refi on but I'll have to see if that works out.

Either way, there are ways to work with the selling side of the equation to work out something that benefits both sides.

She can put it in her children's names (there are three of us), but we haven't taken the steps to do so just yet as we are unsure of how to do it in the best way.I am interested in the concept laid out in this post and am wondering if there is a way for me, as a new investor looking for my first property, to work out some deal that helps my mom's situation as well.

The numbers workout as follows Down Payment and closing: 52k Garage Rent: 750/month (already has tenant) Utilities included Basement Rent: 1100/month (already has tenant) Utilities included Main House: 1650/month Utilities included rented as shared rooms as my mom will live there as well Principle/Interest: 930 Insurance/Taxes: 320 Utilities: 600 Total Cost: 1850 Total Rent: 3500 With upkeep and vacancies figured in at 900/month my income should be ~750 month or a 15-17% cash on cash return.