Ok heres an update and more info...ARV 65,000 (over conservative)Tax 75,000 (always high)Contract price 37,500MVR 8400.00 yr.Debt 6000.00 yr.behind 6 mo. = 3000.00repairs needed 7000.00 (rent ready)Rehab cost 15,000 That was until today... now I have new contract stating 14,000 from mortgage being assumed and 15,000 going to seller on promissory note with 2 yr ballon.( plus extension if needed) So my question on exit strategy is still up for your opinions.How would others like to exit if it was there deal?

Thanks DemosL,How much would you say it would cost me to gather that info from out of state, to find out about there contracts, state laws etc?

Soak up the info on here you can learn a lot.

Thats a tough one to get general info on...there are so many variables depending on where you are located and what type of tax you are speaking of..property vs. income etc...foreclosure vs. seizure as well.Are you a first time investor or first timer in the investing of tax foreclosed properties...because the realm of taxes is not the place to get your feet wet investing in real estate.

The info I passed on is based on what I've read.

Originally posted by Ashan D:...but I've also heard that Texas can not support its current prices and is a "boom and bust" state that was at the tail end of the boom and may starts its correction much later as well.Where does this info come from?

You can learn a lot from this board so soak up the info and ask questions.

Stumbled upon this forum and I am amazed with the ton of info that available.I'm hoping to start out with LO and SUB2 soon.

now i'm not saying every broker or seller will ask you these questions, but i am saying that 85% of the professional commercial brokers or sellers will. they do this to separate the tire-kickers from the players is what they say.so for all the people on here that has experienced this when getting started, how were you able to either sidestep these questions or answer them in a creative way that made the broker or seller feel comfortable in going forward and disclosing certain info about the property.

Any info would be appreciated.Thanks