Anyone know how this is done, who to best talk to to make sure I will be able to make the conversion if I buy the place?

Going from "I'm going to" to "I've done". ;-)Not sure what you are asking re time costs.

Hello - we go to the local Milwaukee REIA group, but not very many people respond to to the properties that we sell.

If the lender wanted to pursue a def. judgement on a purchase money loan, they would be to to go judicial on the foreclosure, get a judgement and sell the property at sheriff's sasle.

If I use this loan and use it to put a 10 - 15% downpayment on a property , plus use it If I need to , to pay for any closing costs, I am basically going to be able to get a nicer house ( since I don't have the cash reserves to put 10 - 12% down ) and after the 1 year O.O. rule is up, I could rent the house out for the next 4 years, thus having my mortgage payed for, and getting cash flow as well.

Since it is being sold "As-Is" I don't need to explain or show more than I have to to agents, but I may be self-sabotaging.

You could get a real estate agent or two to give you their estimate or better yet hire an appraiser to to a property evaluation, should be $150-$200.

You don't have to explain the legalities of subject to to them.

I come to think a lot of why people want to invest, particularly in RE.I have "worked actively" since I was very young with selling candy on the bus to working at a carwash when I was legally able to, to building a couple businesses from the ground up.

I'm tempted to to ask the buyers if they are willing to bring anything to the table.