Highly coveted neighborhood with a great school nearby (Mireles Elementary).4) Get a good realtor.....Look up Donna Byron...She sold our house.....Mention my name and tell her you know me "through mutual contac.

Ive got a suite of services for investors in Kansas City that may be very beneficial for you.

Ask your REIA president.Illinois uses land trusts, you can assign the "beneficial interest" in the land trust if you use them.

I think we can accomplish our wants for $60,000 - 70,000.How can I approach the seller and work out a mutually-beneficial deal for both of us?

Before GMAC went out of business the owner refinanced with Washington Mutual who merged with Chase.

While it's true they lose their deposit and any funds that have been applied to the principle balance on the loan if they don't follow through, they may never qualify (potential for more option money, longer term cashflow though)...The only other thing I can think of would be to enter the deal while legally structured as a trust, then you could transfer all or part of your "beneficial interest" in the property for a fee.

Thanks for all your replies,John Rubino: Considering this is my first property, do you think it would be more beneficial for me right now if I managed it myself?

I can't seem to find any posts answering this question (although it probably has been asked before): when lenders require a 6 month reserve does that typically mean cash/savings account/CD or will they accept liquid securities like mutual funds, stocks, etc?

I called Liberty Mutual and they told me I must have homeowners insurance at my living residence before being able to insure a rental property.

Contract Law 101No contract exists without consideration from both parties.Legal Elements of a ContractThe essential elements necessary to form a binding contract are usually described as: • An Offer• An Acceptance in strict compliance with the terms of the offer• Legal Purpose/Objective• Mutuality of Obligation – also known as the “meeting of the minds”• Consideration• Competent PartiesConsideration is an essential element of any valid contract.