Like many things, a balanced approach will help you learn and determine what works best for you and also be a better judge of what's worth your time (and possibly $) and what isn't .Just be mindful of what you invest in educationally.

I have a lawyer picked out in Florida, but I just don't know what to do.

If you take title subject to the mortgage and it's not assumable then you run the risk of triggering the Due on Sale Clause in the mortgage and having the remaining balance due and payable on demand.Sounds like she had one of World Savings famous "pick a payment" mortgage which was cloned by a few other banks and now owned by Wells Fargo.

At the same time I would pick up some added depreciation on the 4 plex and also would help diversity my portfolio instead everything tied up in the commercial property.

I talked with several bankers to determine what would work best for my scenario.

The answer is very important because it directly determines your and the seller's rights under a Wisconsin WB-11 Offer to Purchase.Take a look at the boilerplate on page 4 of 9, lines 206-211.

I'd have to pick a property up at deep deep discounts just for the brain damage of learning a new market and due diligence required.OTH, if you are a subsidiary of GE Capital and can buy 15 properties in an area, that changes things, I assume you're not in that position.Good luck!

At the end of the day, said entity will profit by having the loans they picked up at a discount refinanced by a govt insured agency (FHA, Fannie, etc) and dumped back onto the shoulders of the taxpayer.

I've heard that even if you have an LLC, if the tenant knows your personal name, they can go after you personally regardless of the LLC being the actual "landlord".I'm excited about moving forward (we recently stumbled upon a great property and would love to pick it up right away), but I'm a little intimidated at some of the potential insurance/tax/etc... issues that may arise.Thanks in advance for any and all advice!

So, knowing whether I was buying from the original owner of the property or whether there was a quick title change to a wholesaler during a double close would be very important to me, regardless of whether I was happy with the property and price.Just another take on the situation from a rehabber's perspective...now, all that said, I'd be surprised if you couldn't have determined this information based on the title search, the contract and the closing documents...