I believe our children will be very glad that we bought this property when they inherit it.Some of the people here telling you this is a horrible (not "marginal") deal are buy-and-holders as well.It sounds like you will buy this property.

We have two joint bank accounts (one with me as the first account holder and my brother as second holder; second with my brother as firstaccount holder and myself as second holder).

Most investors avoid having a license as it just increases the liability without really helping with finding deals.At the same time being a RE license holder means you can do some things that investors really can not.

Short sale with the mortgage holder?

You can buy apartments through LLC, generally lenders will look at the majority holder's credit.

If you have questions pick up the phone or email someone.By the way once a shelf corporation is activated meaning that the transfer of ownership has been completed it is no longer a shelf corporation but rather an active company doing business under the laws of the state where you do business in and it is registered with the secretary in your state which you as a person is either the sole share holder or if there are multiple partners then it is legal structure according to the share allocated to each officer of the company and filed that way with the secretary of your state.

The original owner is entitled to the excess proceeds unless there is a lien holder that is next in line (such as a second mortgage that wasn't paid off).You can get a portion of the proceeds if you have an agreement to do so with whoever is due the proceeds.

Anyone know of an Investor in Atlanta that needs a Treo-holder and Starbucks-getter?

I've been a holder of mostly growth / alternative energy stocks . . .My fave:MEMC Electronics - WFR - makes the silicon wafers that are used in solar cells

Although I once bought a first for 75% but that was because I knew that the homeowner wanted to refinance his 11% mortgage, and I knew that the note holder really thought the guy wouldn't qualify and wanted the money worse than they wanted to wait.Since I had the financials on the first mortgage and a lender had already said he could get the guy a 9% first I helped the guy get the loan by taking a 2nd for $5K in closing costs and cash back at 15% for 6 years.I made a handsome $28,400 in about 60 days and then put $5K back on the street @15%.