I know that you flippers and wholesalers are all groaning now, but stay with me for a minute and let me show you what I mean.

I'm a fool-time real estate investor- no, that's not a typo :) and founder of The Windy City Round Table in Chicago.I say "sort of" from Chicago because I actually no longer claim IL as my primary residence.

I don't have the $ to come to the table to close @ a sale or keep payments up while the house sits on the market.I'm trying to get a better understanding of my "worse case scenario" (foreclosure).

What do you bring to the table?

I do work some on the weekends under the table, but nothing on paper.

The best way to invest really depends on the person, what they like and what they bring to the table.

You have to inventory everything at movein/out, deal with stained table tops and upholstery, and repair/replacement when a tv or other appliance dies during a rental term.Vacation rentals OTOH, must have everything...linens, flatware, small appliances, probably cable and phone, etc. etc. but in theory you get a substantially higher rate for that type of unit.

It is always best to have more than one lender.In Charlotte, we have yet to secure any finance, and we have deals on the table ready to go.

The lender may not pay any closing costs for the buyer but when they agree to a short they know that the current owner can not bring cash to the table so they absorb the selling costs of the property.

Your lien is behind the 1st so more at risk but you have less cash on the table.