Try to avoid buying with emotion (impossible, but try) and be willing to walk away if needed.

For your first deal, there is no way to avoid the emotion roller coaster ride you will be on, and your agent and loan officer know it better than you, and will use this to close you--regardless if whether this is a good investment or not.

The 4 buyer types: The emotional and practical buyers, who made decisions fast, and could be persuaded and closed relatively quickly if the product made sense, and the analytical and amiable, who take FOREVER to make up their mind, even if it was best for them.Lesson here, know who you are talking to, and use that info to be successful!

But it never even crossed my mind to *make sure* that both were in Fannie Mae's name and not the previous owner's For some reason this has brought me way down emotionally to the point of asking myself if this is worth all the trouble.

Avoid a decision based on emotion.

Buyers unless investors will be making emotional decisions and you will deal with lots of drama.

I didn't mention this previously, but it's often a good idea to have a Realtor to list and sell your home so that it removes your emotions from the deal.

I was still having to jump in on deals as a broker and handle issues that arose and all the emotions that come with it.I offered some of the residential agents if they wanted to come to commercial for a 50/50 split.

By walking away without a signed contract (even with a verbal agreement), there is less emotional commitment from the seller, and it's much more likely they'll end up backing out before a contract is signed.As for what you should bargain the price down to, I'd shoot for $10.

This is a business decision, let go of your emotions.