Do you think I should have contracts written up tho before I start looking for deals, and then modify them if necessary?

As to exits, it's selling the property after foreclosure, taking a deed in lieu of FC, modifying the note to a better performance level if it has issues and then refinancing or, if it's a clean note refinance it or pawn the thing off to another investor.

You can buy as you described.Since this is your father, you can use a quit-claim or a special warranty deed, but, you need to modify these standard deeds to reflect the interest conveyed.

If you have any suggestions on how to modify my search parameters to better find the information, please enlighten me.Based on the information I have read on BP thus far, I have a basic idea of how to calculate some of the expenses, but no complete info, and certainly no article or forum post that lists all the expenses to expect and how to calculate them.So far this is the only relevant article I was able to find, but I feel like there should be more:http://www.biggerpockets.com/renewsblog/2013/01/19/real-estate-math/

@John Beck You might want to modify your screen name or post a pic since there is (I assume he is still alive) a well known real estate attorney guru named John Beck

I forwarded these on to my lender and in two days they modified the appraisal up by $20k.Thanks BP podcast and Ryan Lundquist!

Modified replacement.

I thought that is too harsh and have modified my lease to allow three day period.

The security agreement made in the CFD can't be followed now, so it too must be modified.

Also you can buy a $80,000 policy with a repair cost or a functional modified replacement cost policy just not through American Family.