At that time we tried to purchase a "tear down" at an auction.

I've heard that many landlords prefer to rent to women (especially in a college area) because they believe they're quieter and put less wear and tear on the property.

The two houses are probably tear downs but there's strong lot values in the Memorial Park Area.

I did auto loans in the Chicago area for several tears and typically, you would not want to refinance a car, its a bad idea, and even then, having a bank to do it is another difficulty altogether.

Believe it or not, this forum contains all of that.Use the search function to find specific topics, but justread, read, read the old posts under the various threads.You'll find lots of topics where the asker tells about a dealand the respondents tear it apart line by line showing howit will (or won't) work.There is no shortcut.

OKAY SO THIS IS WHAT WENT WRONG.omg. i had no idea being part of a condo association is so ridiculously annoying. i thought paying assessments would reduce the burdens as a SFH owner since everything is taken care for you. well #1, they refused to let me move in on a weekend but i work 5 days a week and have no place else to go so i crossed my fingers, UHauled my stuff, and hoped i could move in on the day (sat) after i closed. i moved in but the security guard said i should be expecting a fine for an "unauthorized" move.then me, being a complete newbie, tried doing as much rehabbing as fast and as soon as possible. got a guy to tear out all the old fixtures, vanities, flooring, cabinets, etc... got a painter to come in to paint... guess what?

It seems like a win win situation, they don't loose their credit, you get a property for cheap, you can give them some extra money that you didn't pay for the home as some incentive, and they won't tear the crap out of the house like most people do when their home is foreclosed on.What are the risks involved?

I learned how to rehab through blood, sweat, tears, and money.Keep in mind that most classes, books, or seminars aren't going to give you what you are looking for.

Are you planning on tearing down the existing house?

Wear and tear on these things is tough with tenants (so my new one will become a "used" one pretty soon) but I still think it was a better choice to go new.