Alternatively, I could "buy the place for exactly what's owed," or have my mom "assign" the loan to me, then take out an equity loan against the place to give to my sister as a downpayment, and I can pay off that equity loan with the rental income as well as pay back my mom's $300k.

I am usually home by 5pm with every Sunday off, as well as alternating Wednesdays and Saturdays off.

Nothing to do with the purchasing of real estate, obviously, but to help yourself out in the beginning and also as a potential alternative means of saving/making some extra money long-term?

As @Jay Hinrichs stated, the timber situation may have me in over my head as a rookie investor but it's never too early to have a few alternate strategies in my back pocket as my proficiency increases :) @Matt Katsaris, thanks for the heads up.

Houston is the 4th largest city in the US for a reason...jobs...and jobs are not going to go anywhere until alternative fuels have been found!

Does anyone have any alternatives?

Or alternatively if the owner walks away, and the bank decides to sell the NP'ing note ... does the insurance coverage convey with the note since the bank presumably required to be listed as additionally insured on the flood insurance policy (if the property was in the flood zone and one was required)?

A checking account is usually opened for those who wish to invest into alternative assets such as real estate.

There are other ways to do it, but exhaust your conventional financing avenues first before you start exploring alternatives but by all means, get the property under contract.Hope that helps.Stephanie

It is all marketing to convince people their home market is too expensive and difficult and this is an easy cheap alternative with great numbers.