You'll also have to pay additional fees (usually a flat rate but you can get estimates from them) to have them draw up the mortgage and note documents that spell out the terms of the seller financing and make things official at closing.

Such properties often turn investors with good intentions into slumlords, cutting costs increases profits but later on it can cost you in various ways, city officials, legal issues, insurance can go up, quality of tenants goes down, a property can become a liability.

Hello BP this is my first official question to the group and I would like to thank everyone for making this site such a wealth of information that is accessible to those just starting out!

Hello BP this is my first official question to the group and I would like to thank everyone for making this site such a wealth of information that is accessible to those just starting out!

I know a student relationship isn't asked below, but it probably should be.Now, I've been on bus tours but with national organizations of government housing officials, pretty dry, but it is good to see and even interact with a neighbor if there is time and you can get away from the tour guide.

Then, I guess I could force Citi to officially foreclose on the property.

Also, my other important caveat here is anyone that's relying on financing or even who has just discuss your RE investing biz with anyone from the financial services business (bankers, private money, even gov't officials that might want some info on how you invest for some reason, etc) then I also very much recommend at least being very familiar with the common ones, because my experience has always been that those people LOVE that stufff and you don't want to look clueless or like you're flying with no solid plans to them.

It is official!

Just an official document explaining the change. 

They're stuck with a vacant property paying taxes and fines (newly purchased ugly houses keep the attention of the local officials real easy) with no ROI...