Hey Carrie,This is in my back yard.

Owner is willing to carry and motivated Would I pay all expenses?

@Joel Arndt Entering a new market is always going to be time consuming, hard work and carry inherent risk.

I have also been told that even if I have LLCs I should also carry insurance.  

It was sold for a large down payment, and I carried the note for the balance.

@Brandon Ribeiro can you carry the mortgage on your own if necessary?

Carrie,Ask around locally too.

Only thing though U want to do this through title at least pay for a title report when you do a deed in Lu your taking title subject to all things on it.. and there could be junior liens or loans to you.. that if you carry through with the foreclosure they are extinguished.. so do check first.then if that's clear make a deal with the first.. your either going to end up owning it.. or maybe the greater fool theory will play out and someone bids it at the sale and makes you whole.. or you can lower your opening bid to make it enticing. you don't have to start your bid at 1oo % of what your owed.. during the crash I did this often I knew at 100% of what I was owed I would end up owning it.. and having to deal with it.. but if I lowered my opening bid to just get my principal back many times it sold a the sale. and I did not have to deal with it past that..

The professional who knows who they're doing for $100/hour or Bubba down the road who does it in his spare time for $15/hour, carries no liability insurance, and will not be there to make things right when your engine blows up?

@Rich Hupper FHA mortgage fraud carries a maximum 30 year prison sentence and $1 million fine.