Here's how I see this deal:Gross rents: $700Operating Expenses: $350NOI: $350Mortgage payment ($32K, 30 yr, 7% NOO): $212Cash flow: $138 per month or $69 per monthThe cash flow is a little low, but it's not terrible.

Really just to come to it's defense a bit.It sounds like a lot of people here were hit by really terrible marketers.

Subject to is a viable & profitable startegy for RE investing, however, a great deal of "desperate sellers" today are desperate because they have terrible arm loans or neg am, or high interest rate loans.

Heres my situation, i have 45k, terrible credit, monthly income of 3500 as of april 08 (new job).

Just do it" might be good advice if your goal in life is to speak at a nudist colony, but it is TERRIBLE advice for starting a business as a real estate investor.

Last REO I looked at (in absolutely terrible condition, but in a so/so neighborhood) sold for well above what the bank had it priced at -- because a torrent of flippers bid up the price!

I eventually told her I wanted to start REI she said "That's a terrible idea the market is horrible".

There's many problems in any association, and when there are so few members, those problems can be terribly magnified.

In this case, the owner was VERY distressed over the terrible tenants he (his manager) had allowed to occupy the building and the trouble he was having with the city as a result (being fined repeatedly).

My plan is to stay in my apartment for now and see if I can quickly get it rented; if for some terrible reason I can't get it rented for months on end, I can simply move out of my apartment and move into the place to avoid foreclosure/poverty.Thank you in advance for any input.Josh