In short, I am expecting my lawyer to call anyday now with a settlement from a False Imprisonment and Arrest I suffered one month while delivering a pizza back in 2003 in Chicago.

your objectives or goals to maximize subprime financing should be to maybe hold the property for 1 - 2 years, (You may have to eat a 1 o 2 year prepay but it will lower the rate from a loan with a zero prepay,)while you build your credit back to an a-rating, then refi your cash out for more investment projects. theirs tons of new products, on the market that fit your particular scenario, such as the option arms, option arms give you the luxury of choosing/paying your mortgage 4 different ways each month.. 30yr P&I, 15yr P&I, Interest only, or whats called Neg am(Negative-ammoritization)the neg am, could allow you to get into a million dollar home for like $3k a month, they have 1% start rates.. these loans are really good for short term properties, like a year or 2.. especially if the property is in a desirable market..

Charles, the short answer is yes.

Some parks have been forced to go on city water and sewer a short time after a new owner bought in.

An owner is working his own short sale with the bank.

My plan is to concentrate on Foreclosures and Rehabs for now and then possibly pursue short sales.

They are also willing to carry a note maybe enough for the down payment and a bit of fix up money but only short term.My credit situation kind of stinks I’ve always paid cash for everything and I have only limited credit and two outstanding bills leave me with a 604 credit score, not good.

With about 50% of marriages ending in divorce in a relatively short time, I would check the state laws too.

Here is a short list of real estate terms to get you going.http://www.find1home.com/glossary.phpThere are more that are specific to investment but these are the most commonly used phrases and terms in RE.

Figure the worst scenario like rates go sky high....short term money can't be renewed.