If a newbie is going to follow no other advice, that simple rule - as flawed as it is - may keep them out of trouble.http://www.portlandonline.com/portlandplan/index.c...http://www.fanniemae.com/resources/file/research/d...http://www.huduser.org/publications/pdf/MemphisTN_...

That is very flawed thinking.

Usually a phone call to the different departments will help uncover the correct locations if the information is not posted in an obvious place.Good hunting-

Does the bank require an inspection also, or will that be done during the apprasial to uncover any issues?

That might make an injury to your snow-shovelng tenant excluded from coverage and you might have a potentially huge uncovered exposure.

I would think that these major issues will lead to other problems that you have not uncovered yet.

So then, based on that idea, hopefully we can expose the flaw in the idea that simply using a broker to allow the Seller to become a banker is a pretty serious flaw in the idea of extending credit.

Sounds like you can wholesale this (or at least try to and see if other investors find flaws in your analysis).

I am looking at a property heading towards a foreclosure auction and our title search has uncovered 3 IRS tax liens on the property.

The flaw in that theory is that the renter (or purchaser) must be able to continue making the payments - which many won't be able to do since their income has shrunk in terms of buying power for necessities.