@Roemeo Barnette, I’ve been through variations of this same scenario with several clients over the past decade or so and the other posters here are spot on.

There is a lot of variation state to state and you will keep yourself out of hot water by understanding what you can and can’t do.

I'd like to pose a variation of this common question.

Rural areas may not have such variations but cities generally will.

Purchase price: $87,000 A foreclosed property that I acquired with price of 60% of market value, I acquire it using a slight variation of BRRRR (Buy, Rehab, Rent, Refinance and Repeat). - Buy using hard cash, - Refinance my other properties to get the cash back + get the rehab fund, - Rehab of $30,000 to increase it's value to around $230,000- Rental units of 50 units with nett cashflow after expense and mortgage of $1200- Repeat: finding another opportunities with the extra money that I got from refinance Conclusion: I got the property with 0 cash invested (though short term cash is needed & using other property for refinancing), get $1200 / month (still in progress).

@Amber Gonion The concept you are referring to is "tacking" consecutive owners' possession together to meet the adverse possession time requirements and as far as I know there is some recognized variation of it everywhere.

Hey Diana,Here are the guidelines I use, though you'll need to make variations based on your market, age of properties, etc.  

A number of sites that I've visited mentions that usually (with some variation) within 30 days of getting out your first 200 letters you can reasonably expect to get your first deal.

We typically look at these as 36-48 month balloons on a 30-yr am schedule...7-8% interest...10-20% down...Alternatively, you could structure a lease with an option to buy....same basic concept but it works differently...contract for deed offers the seller the most protection because you hold title until the terms are satisfied...and there are a few variations of each...just depends on what you're comfortable with.

No variations, like signing a lease before handing over the keys.