I will run through the exercise when I get back to a computer so I can give it ALL of my attention.

Yes, the 20% the buyers put down would be applied to the purchase when they exercise their option.

We do not want to physically collect rent, especially cash which we would not desire the tenant to send through the mail. 

Don't forget about occupancy inspections, that's $100 per unit pretty much every year you have a turnover.Like Austin also mentioned, what is physical vs. economic occupancy? 

That means engaging with an attorney to do their part in court, and with the sheriff to do their part physically removing the tenant.

Now that I feel I have decent knowledge base I am excited to start meeting other investors and developing relationships to help take me to the next level.I am 31 years old, married with 2 small kids, and work as a Physical Therapist overseeing a clinic in the west suburbs of Chicago. 

@Chuck KautzHey Chuck,I like your idea of getting your daughter involved.As a father of 2 kids that went to college I think this is a great time to expose your child to what the whole process involves from purchase to rehab to managing this property.Your child will get so much real world experience out of the process I hate to say but this exercise my have more of an impact on her life then the BA has!

Will this be an exercise in futility?

Have you ever exercised before?

Hey guys, In a situation where a house in Oregon was sold at auction to a "third party" and the person who lost the house had cash and wanted to exercise their "right of redemption", where would one start?