I wouldn't put any stock in an article written by an unknown person with an unknown agenda in a clearly sensationalist manner.With regard to your proposition on the $500k house, I'd love to see the person who would sell a house for $10k down and $1000/month for 40 years.

I do not know the attorneys you used but it appears certain things were missed.Glad you made a deal on it and bought low so you can hopefully absorb these unknown costs and legal expenses to balance it out into a win over the long run.No legal advice.

Yet over the last 25-30 years we have helped many achieve home ownership.Instead we are concentrating on investor financing &/or multi member LLC's to skirt some of the unknowns, albeit with full legal disclosure & advice.

There are many known and unknown costs in acquisition that make it difficult to create value just from the acquisition.

I agree John, it was a matter of perspective with certain info as yet unknown more than it was a matter of "right or wrong".

(unknowns : arv , cost to value ratio , cash flow cow rule 1.0 – 2.0%)

My concerns center around unknowns: I have no clue as to what's required, the time involved or the cost of resolution.

I was able to locate the latest owners name and located a disconnected phone number for the owener in the yellow pages with no success of direct contact.The comparables in the same location are listed as the following:$380,0003/08/13632,988 Sq. ft$464,0006/03/13522,714 Sq. ft$289,90010/30/1232½2,362 Sq. ft$340,0005/21/13422,272 Sq. ftWhat type of situation could best fit the criteria provided as the note to the proeprty is currently unknown.

Contracting different trades to do your first few rehabs is more art then science, and you should expect and budget for the unknown.

Opening bid $60K; reserve unknown Level of Renovation: Complete interior cosmetic + Cabinets/Vanities, Countertops, Doors, Appliances, Washer/Dryer, and Water Heater.