There are always pitfalls and you must be able to survive them as you encounter them.

@David Mora - suggest you don't post in upper case; it's considered shouting.In CA, title companies now tend to pass when memorandums are encountered.

I may not have that support or positive people around me in the flesh, but I have encountered so many good people on this forumn in such a short time that its amazing.

@Monica Litster - usually there will be some lender servicing company sticker or some kind of contact info on one of the doors or windows; that would be the people who winterized the property (it it was done).

Once paid off, they're out of the deal completely.I don't know what, if any, regulatory issues you may encounter in MO.

If you are going to embark in this real estate investment journey, you will encounter this situation many many times again down the road.Investing in Real Estate requires that you use other people's money and those people will always request from you that you show financial discipline.If I were you, I would find an additional income source (second, third job), reduce monthly expenses to the bare minimum, ... etc.A few months down the road, you will be in much better shape.

I'm wondering how to handle a situation that I'm encountering...I just inherited a long term tenant of the property of 8 years, hes been on month to month for 7.

I thought it was odd and was curious to see if anyone has encountered this.

See also "The 150+ Most Common Repairs You'll Encounter" in the best source I know of at http://get.biggerpockets.com/flippingbook/ (and the free companion book The Book on Estimating Rehab Costs)

I would drop off cookies to offices and stickers, with the company info, on the box of cookies.