If you need financial help, ask under the "Finance, Tax, and Legal" forum.

So even if they sold it for the same price as they bought it, the properties were likely $250K, it will cost them about $3K in legal fees (buying and selling combined), then maybe $11.5K in realtor's fees. 

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

In most states, you can't legally inspect a bank foreclosure before the auction and you don't get an inspection clause when you buy it.You buy it, "as-is".Now maybe you could have a drone flyover and not get caught.

Hi,
What do i I need to write off travel that is used to look for a property to invest in?
Do I need a business license ?
Can I write off all expenses from the trip, such as hotel, meals and travel costs like gas,...

Additional concerns include area study, property inspection, knowing local market circumstances, and legal adherence to Philadelphia's landlord-tenant rules.

@Daniel BryanI agree with JacobBetter returns elsewhere and downside is if your borrower defaults depending on the state it could take years to foreclose and run all that legal and holding costs which wipe out any gains.

Hey Jacob,Hiring a real estate attorney can be a smart move, especially for navigating the legal complexities involved in purchasing foreclosed properties.

Would renting this space to a single mother and her toddler pose any safety / space issues legally?

My question is how should I proceed and who am I legally obligated to, the old tenant or the new tenant?