Basically, it was a mom, her son (46 years old), and his son (20 years old).

Basically as I read it, The Dept Of Treasury is your capital partner.

Understand the basics of the business2.

Basically a sandwich lease.

I guess basically what I am looking to do is to buy the place outright, do the exterior repairs, and then get a check from the bank for 48k (80% value of the house) once I'm done.

Even with the low number this deal has potential depending upon the condition of the unit.Some basic questions that I have would be:1.

That's a usual and customary basic real estate approach to share title interests while operating and phasing other title holders out of ownership.

Look at the paperwork at the clerk of court desk and write down the bid winners as well as all other bidders.

Turns out no bpo has been done (unless it was drive by - they never let anyone in the house), so my chances of getting the bpo done right are still very high.However in their court docs, the judge has ruled for the foreclosure and they have the value of the house at 226.

(at least in my business model.)It is understood that the 50% rule has shown validity, what I am saying is that the your expectations of cash flow must be changed if you have others managing the property, not that the basics of financial rules change.If you are a backyard investor buying three properties that cash flow $200 a door, and you enjoy the work, in theory you are making $600 a month in income, and having fun doing it!