@Michael Lee Gundersen@Donald AleshireAll else equal, local is always preferable for any form of RE investment, provided that the local market presents attractive opportunities.

Partners must be equally yoked financially.

In that case, we are equal 1/3 owners of the property, but only 1 is the mortgage guarantor. 

It is factored into all your possible exit strategies.If you are of the belief that bankruptcy is in any way a option going in then you do not have what it takes to be a successful investor.

Are you making more or at least equal to other investment products like the stock market or CDs?

We will be equal partners.

You need to build relationships with others and determine your own best path, but don't let your pre conditioned beliefs hold you back

In fact, gross rent (before expenses) aren't usually $2000 on such a property....that would be rent equal to 4% of the purchase price....however, that'd be a screaming deal if the numbers shake out.

Two totally different worlds and purchasing PROPERTY does NOT afford you any right to pull credit on a person(s) that you do not have a contractual relationship with.OP - Um...I wouldn't bid an amount equal to the first and second total debt if the foreclosing entity is the second lien holder.

Hire a public insurance adjuster to negotiate your claim with the insurance company, they will probably be able to get you more than you can personally get from the insurance co. i have not gone through this but this is something that i have read about. you are also better off with replacement cost in your policy, this is equal to what it would cost to fix it vs actual cost, which takes into the account the depreciated value of what was destroyed.