It would be bad faith to accept a second buyer in the middle of that process.  

That's the case here too but the city faithfully refiles all of the liens before they're written off so they stay alive and the interest piles up.

I believe in the law of attraction, faith and all that good stuff so I allowed my mind to wonder what'd it'd be like to get my 1st deal on a $1M home and the type of profit I could expect from that.

Turns out that the 'landlord' was a scam artist, who scoped out empty houses, changed the locks, took on the name of the owner, and rented the property.http://www.sfgate.com/crime/article/Impostor-rented-out-someone-else-s-home-4981397.phpWhat if you were the owner of that vacant house and found people living in it, who signed a lease in good faith and spent all their money on deposit and first month's rent?

I am aware of everything you outlined, I just didn't communicate things clearly on my post.The loan is a good faith, "old school", handshake loan.

PMI is not one of your main concerns inhibiting cashflow; purchase price and potential rental income vs. debt service expenses is...go to aimloans website and use their free good faith estimate to get a better estimate of the exact costs based on the purchase price so you can understand what to expect.

That's not the way I want to spend my time.The 'beginner's guide' that Brandon sent me is quite interesting though.This might be a 'leap of faith' but I would rather be involved in partnering commercial properties, such as apt complexes, than homes right now.

I have no faith in 401ks or pensions.

Some tenants faithfully mail their rent on the 28th of every month.

I guess it comes down to what I have faith in..