., call the inspector, ask for the previous report (if there is one and the inspector complies), review it, and finally go out to the property to determine the size of the areas removed.

The original contractor appears to have pulled permits but then added bits of wood or stuff to the structure which wasn't included in the permit.I'm determined to get my head around this property violation thing because it's obviously a niche market and I'm sure there's good opportunities for investors who are able to deal with violations.

Whether I'm on the selling side, or on the buying side, I determine how many liens and who they are, before deciding whether or not to even pursue the short sale.

These are some pertinent questions you'll have to be able to answer first to determine if YOU are ready to close on your first deal...

If you can determine whether or not you think they are good and low-maintenance tenants, that might also play into your decision.

I understand purchase price is determined after detailed analysis.

The trick is determining what has to go.

Account ClosedTo mention or notify someone in a thread use the @ symbol and begin typing their name, a window pops up below, scroll to that person and click on it.I'd also suggest partnerships rather than lending.Sometimes giving advice is like giving an uzi to a known gang member, not saying Zac is a gang member, but I'd rather be confident that any advice was used in a prudent manner, not knowing anything about this lender is an issue while knowing Zac is determined to forge ahead without a greater understanding of how these deals are done.I think that's Adam's concern somewhat, in asking who this investor might be and the relationship.Sounds like they may be some fish more than an astute money manager, I don't know, but if I'm a party to giving advice as to getting into someone's pocket who doesn't have a clue as to RE lending, I'll need to understand the details.Best advice I can give is go to an attorney......I'm getting the sense of urgency is not a good indication, screw-ups happen when you get in a hurry. :)

Then run comps in the area and determine if you have a deal.With the vacant properties i usually do a little digging to find the owner and contact then directly.

If you start getting in to 3+ units, FHA loans will require that the building be self-sustaining, and the determination of the income will not necessarily be based on current rental income, but instead what an FHA appraiser determines the rents should be for the units.