Do a few more deals and you can build up a bit of cash to do other deals.Feel free to post questions and ask for advice.

If your going to rent it even worse you renter will not be happy living above what seems like a toxic chemical dump. they ll call the health department and boy your troubles are just starting now you don't want them finding a hazardous wasteland under the house get in there now while its easy to access plus it will just build up and you ll have rats the size of small dogs under your house and it can cause foundation problems. your better of not selling this problem to someone else you may end up in court if they see chemicals they ll know you knew about it sometimes(most times) there is no shortcut you ll have to rework your budget to accept this.

Zack,Thanks for the update.Use LinkedIn and other network sites (social or professional) to build up your network.

I have no development experience so I will not be offering advice in that direction.As someone who is new to the market in TX it might make sense for you to delay the development efforts until you get your head around the TX market where you are.You also could look to do a few deals (rentals or just flips) to build up your network in TX.

thank you both for your wise words, well anyway i guess i'm just so anxious to do my first deal. especially a deal like this were the homeowner is in distress and states to you how much equity is in the property (i know i'm a beginner, but i don't see how he'll benefit by lieing to me about the amount of equity in the property, because he already stated he doesn't want to sell the property, and i already stated to him i'm gonna view the property/mortgage paperwork)well anyway i must say i agree with you both, from first look it seems the best way to do this deal (thats if all the number are right) will be to purchase the house for the amount left on the mortgage, and give them moving cash and etc (this way i'll have alot of instant equity within the property, which i could either wholesale to another investor or put it on the market at a small discount and sell it retail because of the properties perfect condition, then i could even try a short sale to build up more equity to make the two above tactics more profitable for me)now the only tactic i can think of that would work, were they will get to stay in there house and will be profitable/beneficial to me as well is to then purchase the property real cheap (whats owed on it) and offer to lease option it back to them at a higher interest rate and at a higher property price, but i think this tactic will be risky with this individual because of his credit and the nature of work he's in (construction were some parts of the year your without work and tring to collect unemployment) so this is what i plan on doing, i first plan on putting together a list of questions i must get answers to at the tuesdays meeting i plan on having with them, then i plan on explaining the whole foreclosure process to them and the uphill battle they face (which i hope will change their position about not wanting to sell their house under any cumstances), then i plan on making a smooth exit and letting them know i'll be back in contact with them to let them know what i think their best solution is to solve their problem (this tactice is to buy time, so i can really cruch the numbers and speak with others to really figure out the best win-win for everyone, thats if their is a deal their)if anyone has any other suggestions please let me know

Like people, LLC's (or any other company form) has to build up a credit history.

Do I get a job and stay here for a year to build up job stability to be able to obtain the houses..

We have experience in owning rental properties, but nothing to this magnitude so we are looking to build up to that number and not purchase all at once.

I grew up in Kings Park, I lived in Bethpage for 8 years and have just settled down in Stony Brook.

I'd like to build up passive income.