I am fairly new to buying and holding and this news is very disturbing to me because i need some cash for some other flips and holds.

If you go this route, you absolutely must get an appraisal to make sure you're getting a fair deal.

They became real estate investors and very successful.Well now that I took a trip down memory lane, I wish you luck, find out what the current game is and play it.

Mark,Play close attention to the timeline.

I wonder how many times this scenario has played out around the country the past few years, that we never hear of because they're purchased in the names of several corporations, etc.

Oh, and the area the home is in is fairly decent..its in the inner-city..i havent actually went by the property, and i dont wanna label it as a war zone..cause here in st.louis..some parts of the city will be i quiet neighborhood, and 10 blocks over would be a war zone..help!!

I played baseball for and graduated from UT.

Property taxes and HOA dues are usually pro-rated so you will be paying your fair share for those while holding (even though you might not directly make those payments).

Step by step, how does the process work out and when it comes to collecting my assignment fee how does that play out as well?

I can tell you from working in land development do not get greedy.There are ways for the city and for a developer to get your property for less if you give them trouble.If it's a fair offer you take it and call it a day.If they are trying to steal it or buy it for less than you could get for development yourself then you fight them.You don't give it away but for a fair offer you agree.