The first big lesson we learned, which I think is somewhat common on the first deal, is that all renovations cost more than you think they will. 

That 1980 statute, a codification of prior common law,19 authorizes a district court to enter an order temporarily restraining or enjoining further proceeding to effectuate a termination of a contract for deed or purchase agreement “at any time prior to the effective date of termination of the contract” and provides that that if an injunction is granted, the contract cannot terminate until 15 days after the injunction is lifted.A series of cases, particularly Thomey v.

QUESTION:  Are contract contingencies common when making an offer on a vacant lot?  

I am closing on my first property - the bank only allows 2%Is this common?

This was very common before the mortgage meltdown but is coming back again.Good luck.

That could include being too scared to take the first step, not properly checking out prospective tenants, not asking someone (mortgage broker, contractor etc) for what you want.Anyone with a decent brain and good common sense can read the forums here, follow through and make some great money,,most won't because they are either too afraid to actually make a commitment, or not willing to do the things to put them in  position to make the first step (such as saving for a down payment on first rental)andy

I also do tenant rep for office/retail, over see some property management, do non appraisal valuation (BPO etc for banks), and provide related services.Over the past few years I've mainly been focusing on distressed markets commonly taking over management from receivers and selling properties to resolve them.    

An under capitalized borrower, one where the simple payment of $604.40 is what is actually sold to the Vendee/Buyer (common method of sale), may not be able to come up with the required money to capitalize the repair.  

It had the assessment at $647 a month which includes Gas, Includes Common Insurance, Includes Doorman, Includes TV/Cable, Includes Exterior Maintenance, Includes Lawn Care, Includes Scavenger, Includes Snow Removalhttp://www.redfin.com/IL/Chicago/3950-N-Lake-Shore...So, if you get it at auction at that price your expenses would bePayment $491Assm $647Tax $142$1280 monthly paymentI know the area well, I used to live at 3420 N LSD - for an 11x10 bedroom I would expect you to get $700 ish for rent.Also, with condos you have a limited exit strategy.  

Heres the Bigger Pockets piece that was just in Money Magazine about some common acronyms.Money MagThere are a ton more so just ask away and I'm sure someone will chime in.